LAWS GOVERNING PROPERTY SALE IN SPAIN

 

BUYING AND SELLING PROCESS IN SPAIN

 

In Spain the buyer and seller usually first sign a private contract known as a ‘Contrato de Arras’. This contract states both parties commitment to sale and purchase the property in a period of 1 up to 3 months or even further if needed, and all the legal and financial features of the deal. Besides, a payment, usually a 10% of the purchase price or a minimum amount of 3.000.-€, depending on the Price, acts as a deposit before signing the purchase and sale deed in the presence of a Notary Public, who is responsible for ensuring that the contract is legally binding. The remaining balance of the price is paid at the very same moment at the Notary public office by wire transfer or bank check. Should the buyer needs a mortgage, a representative of the bank must be when the signing takes place and takes care of different payments and financial steps.

 

 

LEGAL REQUIREMENTS

 

In Spain the buyer and seller must comply with a number of legal requirements when buying and selling property. The buyer must obtain a ‘Certificado de Eficiencia Energética’, which is a certificate that assesses the energy efficiency of the property. The buyer must also obtain a ‘Cédula de habitabilidad de la Vivienda’, which is a certificate that confirms that the property is suitable for habitation. The buyer also can obtain, in case of ancient buildings, a ‘Certificado de Inspección de la Vivienda’, which is a certificate that confirms that the property is free from structural defects.

 

 

 

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