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5 Stages of the Conveyancing Process in Spain By Welex Lawyers & Accountants in Property in Spain, Tax in Spain
Stage 1:
Stage 1 of the conveyancing process in Spain comprises of searching for a Spanish home to which you will need a copy of the Nota Simple. The Nota Simple describes what you are buying, the charges and encumbrances for which the property is accountable. An annual IBI (Council tax costs) and level of community charges where applicable should be made to recognize ongoing expenses. Thereafter, it is recommended to appoint a Spanish lawyer who can ensure that fundamental legal procedures have been met.
Stage 2:
Stage 2 of the conveyancing process in Spain includes signing a reservation contract and paying a reservation fee. A reservation contract will assure the Spanish property is removed from active marketing. However, prior to signing a reservation contract and paying over monies it is advised to have taken counsel from a legal representative.
Stage 3:
Stage 3 of the conveyancing process in Spain describes the
who exactly will be buying the property.
Stage 4:
Private Purchase Contracts. It is standard procedure at this point for a 10% deposit to be transferred to the seller. The point the contract is signed the buyer becomes legally accountable to full fill the payment of the property. The seller is now legally obligated to sell the property at the consensual price.
The conveyancing process in Spain undertakes the possibility to write into a purchase contract certain “get out” clauses. However if one of the clauses finally needs to be acted upon, the buyer may have to take legal action. In addition, the purchase contract also describes what expenses and what fixtures form part of the sale of the property. Prior to signing the Private Purchase Contract, the purchaser should have concluded
Welex Lawyers & Accountants C/Ramon Gomez
Stage 4 of the conveyancing process in Spain comprises of the completion of a property purchase in Spain and is undertaken in the offices of Notaria Publica. All parties connected to the completion in Spain must be in attendance. The aforementioned parties may include any bank personnel for redemption of a current loan or new mortgage, the seller and the buyer and their corresponding legal representatives.
Stage 5:
Stage 5 of the conveyancing process in Spain entails that a copy of the deeds is given to the buyer or their legal representative. The originals are delivered to the Land Registry to be examined and recorded. The registration process can take up to three months. After the registration process has been completed, the original deeds and all invoices relating to the transaction will become obtainable.
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