House Contract

If you have decided to buy a property in Spain, it has found numerous possibilities and finally decided. Your next step is to select an independent lawyer with experience in Spanish property law and who have a good knowledge of the area and its language, if you don’t speak Spanish. A number of NIE (foreigner identity number) is required in order to buy a property in Spain. Your lawyer can arrange their residence permit and Spanish bank account, as appropriate.An important part of the responsibility of the lawyer is to verify that the farm the is free of debts, because Spanish law debts will pass to the new owner. For a new construction, will be required to carry out various studies on the ground.When everything has been checked and is correct it is necessary to perform a contract (purchase option), which will be signed between the buyer and the seller and will be paid a deposit of 10% or what the parties agreed as signal that the seller loses if it finally decides not to buy property. If the Seller waives the sale of your property will have to pay double the amount of the deposit to the buyer.

This contract is made to stop the practice of gazumping, which fortunately it is not usual to occur in Spain. If you can not be present to sign the contract, or you can grant power to his lawyer by the signature of a power of Attorney notarized. Said contract shall indicate the date of payment of the outstanding balance that must be carefully observed if you don’t want to lose the right to the property or your deposit. On the day of completion both parties (or their representatives) shall be submitted to the notary to sign the sale writing.