Buying Property In Spain, What Takes Place When An Offer Is Accepted?
1. The buyer will normally pay 3000€ as a reserve fee.
Once paid, this fee will be held by either the selling agent or your lawyer. The function of this reservation fee is to assure the vendor that you are serious in your intentions to purchase the property. In return for this assurance they will remove the property for sale whilst your lawyer conducts the necessary checks on the property. This will include having copies submitted of the Title Deeds the ‘Escritura’, making sure the property is free of debt and any construction irregularities.This stage of the procedure normally takes between 3 to 4 weeks and this can be agreed by all parties.
If all the checks and paperwork are satisfactory you would lose your reserve fee should you change your mind. If however your lawyer finds problems at any stage of the process you can cancel your offer and the fee will be returned to you.
A completion date will also be talked over at this stage.
2. The deposit will be paid after the agreed period has passed. The deposit will be 10% of the buy price less your already paid reservation fee.
You should note that this deposit is non refundable. The money will be paid into the Seller’s account unless other arrangements have been agreed.
3. Completion Day
The Notary office will be attended by all parties or their representatives on the day of competion. You and the seller both sign the Escritura at the notarys office agreeing to the terms of purchase previoulsy agreed.Visit the Dreams Properties website to see a huge selection of Property For Sale Nerja
