E X P E RT A DV I CE . . .
CO N V E YA N C I N G S E R V I C E S I N S PA I N ARTICLE SUPPLIED BY WELEX LAWYERS & ACCOUNTANTS
The conveyancing process in Spain begins when your offer on a house is accepted and finishes when you receive the keys, and it covers all the legal stages when buying property in Spain. Stage 1 This stage of the conveyancing process comprises searching for a Spanish home, for which you will need a copy of the Nota Simple. The Nota Simple describes what you are buying, and the charges and encumbrances that the property is accountable for. The annual IBI (council tax) and the level of community charges, where applicable, should be identified so you can recognise ongoing expenses. Thereafter, it is recommended to appoint a Spanish lawyer who can ensure that fundamental legal procedures have been met.
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The conveyancing process in Spain provides the possibility of writing into a purchase contract certain “get out” clauses. However if one of the clauses eventually needs to be acted upon, the buyer may have to take legal action. In addition, the purchase contract also describes what expenses and fixtures form part of the sale of the property. Stage 4 The fourth stage of the conveyancing process comprises the completion of a property purchase, and it is undertaken in the offices of a public notary. All parties connected to the completion in Spain must be in attendance. The aforementioned parties may include any bank personnel for redemption of a current loan or new mortgage, the seller and the buyer, and their corresponding legal representatives.
Stage 2 The next stage includes signing a reservation contract and paying a reservation fee. A reservation contract will ensure the Spanish property is removed from active marketing. However, prior to signing a reservation contract and paying any money, it is advisable for you to have taken counsel from a legal representative.
Stage 5 The final stage entails a copy of the deeds being given to the buyer or their legal representative. The originals are delivered to the Land Registry to be examined and recorded. After the registration process, which can take up to three months, has been completed, the original deeds and all invoices relating to the transaction will become obtainable.
Stage 3 This part of the process describes private purchase contracts. It is standard procedure at this point for a 10 per cent deposit to be transferred to the seller. When the contract is signed, the buyer becomes legally accountable to fulfil payment of the property, and the seller is now legally obligated to sell the property at the agreed price.
Welex Lawyers & Accountants C/ Ramón Gómez de la Serna 23, Local 7, Marbella Tel. (+34) 952 775 521 info@welex.es www.welex.es
MARCH & APRIL 2022
