Finding and reserving your property.

Step 1: NIE & Bank Account-Apply for a NIE Number. This is the tax number given to foreigners which is required to purchase a property in Spain. -Open a Spanish bank account. Then you are ready to move forward swiftly when you found your ideal property.

Step 2: Reservation Deposit & Reservation Agreement Reservation deposit (usually 3000€). Both you and the vendor will sign a reservation agreement, acknowledging the receipt of the deposit and that the property will be removed from the market for a set period of time to allow you or your legal representative to carry out checks of the property. The reservation deposit is only refundable if there is a legal or technical issue with the property. The reservation deposit is held by Paul Matthew Homes.

Step 3: Sales Contract & Checks We will draw up a sales contract when you or your legal representative are satisfied with the legal situation of the property. You will now be required to pay the balance of the deposit which is usually 10% of the purchase price, minus the reservation fee you have already paid. This contract is legally binding for both you and the vendor. A date is agreed for completion at the notary, it is normally between 6 – 8 weeks.

Step 4: Completion of the Sale at the Notary on the day of completion, you (accompanied by a representative of Paul Matthew Homes) and the vendor will meet at the notary. The remaining 90% balance will now be paid as well as the taxes and costs of purchasing. The notary will ensure that all the paperwork is in order before witnessing the payment of funds by bankers draft cheque and signing the Title Deeds of the property over to you. Afterwards, you will be handed the keys to your new home.

A notary is an expert in Spanish law, legally trained and mandatory for any property transaction in Spain. They are employed by the government and so officially do not act for either the Buyer or the Vendor, and it is their job to validate the documentation related to the sale and purchase.

Step 5: Within one month of purchase all Direct Debit payments for the utility bills will be changed over to the name of the new owners.