Purchasing Real Estate in Spain

Are you in pursuit of your dream home along the Costa del Sol? Undoubtedly, it presents a distinct contrast from properties in your home country. Similarly, the purchasing process differs significantly, where the roles and functions of notaries and real estate agents diverge from those in the United Kingdom, Sweden or the rest of Europe.

Legal Shelter for Your Investment

The scenario in Spain is neither superior nor inferior to elsewhere, yet it is imperative to grasp the disparities from your home country. Unlike their counterparts in Northern Europe, Spanish notaries assume a less protective role, conducting less stringent contract reviews and refraining from guaranteeing the accuracy of contract provisions or safeguarding against fraud. Moreover, South European regions often witness a lax approach towards building regulations and permits.

Hence, your attorney in Spain emerges as the trusted confidant tasked with conducting essential due diligence on your behalf.

Phase 1: The Quest

Initially, your endeavor revolves around discovering the apartment or villa of your dreams. A proficient real estate agent can save you significant time and financial resources, particularly in an unfamiliar locale.

Phase 2: The Reservation Contract

Upon falling in love with a property, a reservation contract is brought to the fore. It is at this juncture that you engage your attorney. Vanguard Law Associates meticulously scrutinizes the agreement, identifying any irregularities and ensuring the inclusion of protective clauses.

Signing the reservation contract with your real estate agent typically involves a payment ranging from 3000 to 6000 euros, contingent upon the property’s value. Subsequently, the agent withdraws the property from the market and prepares the purchase agreement.

Phase 3: The Purchase Agreement

Ten to twenty days following the reservation contract’s execution, you finalize a private purchase agreement, accompanied by a payment of 10 percent of the purchase price (minus the previously paid amount).

Meanwhile, we meticulously ascertain the fulfillment of all prerequisites:

• Who is the rightful owner of the property?
• Are there any encumbrances associated with the building?
• Is the property compliant with building regulations?
• What are the zoning regulations in the vicinity?
• Are the records of the registry and cadastre accurate?
• Are all licenses in order?

Upon receiving affirmative responses post-evaluation, we meticulously review the purchase agreement, encompassing:

1. Identification of both parties
2. Property price
3. Property description
4. Protective clauses for the buyer
5. Date of notarial deed signing

Phase 4: The Notarial Deed

The signing of the notarial deed consummates your real estate acquisition. Should you engage an attorney from the onset, this is a mere formality, assured in the legality and compliance of the property and associated documents.