Home Finances Buying New: The Basics

Buying New: The Basics

Here is a run through of the stages of buying a new property in Spain. It's important to be clear on this process at an early stage and to know what to expect. Learning about reserving, deposits and contracts now, means that you can concentrate on finding the right property during your time in Spain. New Property Reserving When you have seen a property that you like, you can 'Reserve' it. This doesn't cost you anything it is simply a process whereby the builder takes that property off the market for 24hrs. You now have thinking time without losing the property if you decide it's the one for you. If you decide not to go ahead with this property then after 24hrs the reserve is removed and the property is available again. Deposit Once you have decided to go ahead with a purchase there will be a more formal reservation process where you will be required to pay a £2000 (€3000) deposit and initial forms will be filled in giving your information to the building company in order for them to draw up a sales contract between you and them. Payment Structure The payment structure, specified in your sales contract with the builder, depends on the stage of build that the property is at i.e. are you buying Off-Plan or a Key-In-Hand property. An Off-Plan payment structure could consist of 3 payments (10%, 30%, 60%) or 4 payments (4x25%) over the period of time it takes for the property to be finished and ready to be handed over by the builder. If you are buying a Key-In-Hand property then the payment schedule may only consist of your initial deposit and then the balance on completion in 4 to 6 weeks time. Completion You will be informed of the 'completion' date and then arrangements will be made for you to attend with the builders representative in order to sign all documentation in the presence of a Notary. You can give 'Power of Attorney' to your legal representative if you cannot attend. In any case your legal representative should explain the process and protect your interests throughout. Your After Sales PA can be with you through this process.

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