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Once you have found the property you want to buy, the first
step is for the seller and purchaser to sign a Private
Purchase Contract (Compraventa). This will be as drawn up by
your lawyer.
You
must give some thought to the date you wish to complete the
transaction – the Contract stipulates the title should be
conveyed on or before a certain date, so this can be
brought forward by mutual agreement.
Normally the completion is within 3 months but this may
be less or greater if it suits both parties.
In
practice you may well have left Spain and in this case the
contract will be sent to you by your lawyer by Email.
If
you use our Lawyer, the contract will be presented to you in
Spanish and English.
You will need to check,
sign and fax this back to your lawyer, sending the original
back by post. Both seller and buyer
have to sign the contract and this will be controlled by your
lawyer.
This
secures the property for you, and it is at the
time that both parties sign that
you will be expected to provide a deposit (usually 10%). This payment can be transferred to your lawyer’s bank in
advance and only released when the lawyer has both signed
copies.
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