You should never hand over any deposit unless it is accompanied by clear written guarantees, laying down the terms of sale. Never hand any deposit directly to a private vendor. All reputable agents and developers will hold your deposit in a protected client account.
Whilst your property is reserved, your Spanish lawyer can make all the necessary verifications to ensure the property is free and clean of any debts or charges. If it is in a new development, your lawyer will ensure all the necessary licenses and bank guarantees are in place.
After approximately 2 to 3 weeks, it is customary to exchange contracts, at which time if purchasing a resale property 10% of the purchase value must be paid and if it is a new development you must pay 30 to 40% at this stage, although this will depend on the payment schedule set up by the developer’s company.
A sale is formally completed only when the deeds or “escritura” are signed before a Notary and when full payment is made and ownership is formally handed over to the buyer.
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Perez Legal Group
Phone: +34 952 833 169
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