The real estate agency

Thanks to Espace casa, you will be able to choose the right real estate agent with experience and knowledge of the estate market. He will help you to find a suitable property.

The agent will present the best selection of properties, will advise you on the best areas to invest, comparing the prices, service provisions and quality.

You will be able to ask him for details of the annual expenditure to maintain the property, the municipal land tax (IBI), the charges for refuse collection, the joint ownership expenses, the charges for water, the charges for electricity and an estimate of the inheritance tax with reference to the property that you want to buy.

Having made your decision to buy, you will be required to pay a reservation deposit immediately, thus ensuring that the property will not be sold to another purchaser.

The next stage after payment of the reservation deposit,

is to indicate the purchase conditions in writing. At this time the real estate agent or the lawyers will draw up the private contract. It is usual to pay a deposit of ten per cent of the price at the exchange of contracts, which is normally not refundable if the purchaser does not respect his commitments. Conversely, if the seller fails in his obligations, you will be justified in demanding the resolution of the contract and in claiming damages or asking for the obligatory execution of the contract. Before your lawyer or the real estate agent exchanges the contracts, he will have completed his research and investigations with the land register and other organisations concerning the property.

Finally, on the day fixed for the signature,

in the presence of the real estate agent and/or your lawyer you will go to a notary's to sign the notarial deeds, the deed of ownership. You will make the final payment to the vendor who will simultaneously sign the transfer of property, and will give you the keys. At this stage, the sale is completed. Immediately after the signature, the notary will fax the details of the notarial deeds to the local land register to inform them of the identity of the new owner, so as to prevent a second sale of the property. In this manner, the notary and the land register act together to protect and guarantee your interests. You will pay at this time the taxes relating to your purchase. The original notarial deeds, submitted to the cadastral register for registration, will be given to you 2 to 3 months later. You will nevertheless leave with a simple certified copy. The real estate agent will arrange the transfer to your name of public services and services such as water and electricity and will organise their payment by a local bank in which you will have opened an account.

If you are buying real estate on Spanish soil for the first time, you will also have to ask for an N.I.E (identification number for foreigners) necessary for each person who buys. This number will be essential on the day of your deeds at the notary's. The real estate agent will inform you about this formality.