After signing the preliminary agreement, a legal verification process is carried out by a lawyer. This includes checking ownership rights, ensuring there are no debts or mortgages attached to the property, verifying information in the Land Registry, and confirming that the property’s size and specifications match official records. Professional support at this stage is essential to protect the buyer’s interests and avoid future legal issues.
The final stage of the purchase takes place at the notary’s office, where the Escritura de Compraventa (Title Deed) is signed. The buyer pays the remaining balance, usually via a bank cheque, and the seller transfers the keys and ownership documents. From this moment, the buyer becomes the legal owner of the property.
Following the signing, the property is registered in the Land Registry (Registro de la Propiedad). The buyer receives an updated Nota Simple confirming ownership, typically within one to three months.
Additional costs must also be considered. For resale properties, the main tax is the Property Transfer Tax (ITP), which is approximately 10% of the purchase price. Other costs include notary and registration fees ranging from €600 to €1,500, legal assistance from approximately €1,250, and utility connection costs between €500 and €800. These expenses may vary depending on the property value and location.
To complete the purchase, buyers must provide key documents, including a valid passport, NIE number, proof of income, and the reservation or preliminary contract.
In summary, the process involves selecting and reserving a property, obtaining an NIE, opening a bank account, signing the preliminary agreement, completing legal checks, signing the notarial deed, registering the property, and paying all applicable taxes and fees. The entire process typically takes between one and three months, depending on the transaction.
For full support at every stage of buying property in Spain, from selection to legal completion, contact Capital Union Investment today.
