Your property will initially be held on a 3.000,00 euro reserve contract for a period of two weeks in which time the Purchase Contract (Compra Venta) will be drawn up, requiring a 10% payment upon its signing. This Contract is usually valid for 90 days, by which time the Title Deeds (Escritura) should be signed over and the outstanding payment made. Payment terms may be negotiated as appropriate on new builds.

Additional Information
When buying a property in Spain the following costs are involved. As a guideline you should add up to 10% to the purchase price of the property to cover these.

Lawyers Fees
These are usually about 1.500,00 euros, depending on the amount of work involved. We would advise you to obtain a quote before the commencement of any work on your behalf.

Tax
A purchase tax of 7% is applied to all properties. Purchase tax on new builds is sometimes included in the purchase price, but this will be confirmed at the time of viewing.

Notary Fees
Notary fees are charged according to a fixed scale ranging from 300 to 600 euros, depending on the sale price. This is payable on the signing of the Title Deeds.

Registry Fees
Land registry fees can be between 200 and 500 euros, depending on the amount of work involved at the Registry office. This is to have the property Deeds inscribed in your name at the Registrar and is due within 30 days of signing the Deed.