The Purchase Steps
Once you have decided upon a specific plot we need to begin the purchase process.
Firstly you make an initial non-refundable reservation deposit of 4000€ which shows your commitment to purchase. This will paid into a specific Holding Account for the build process. You do not need a Spanish account at this point but it would be useful for you to have and can be done during a visit to Spain. You will also need an NIE number in order to do any transactions in Spain. This will need to be done a soon as possible. You can pass power of Authority to a Lawyer to do these things on your behalf. You can organize this or we can recommend the appropriate legal representatives.
Approximately 60 days later you will then sign a private purchase contract with Gibbs Spain S L to build your new property and to pay 30% purchase price less initial reservation deposit. At this point you will be issued a Bank Guarantee from the Cajamar Bank.
This is the only payment you need to make until the completion at the notary. When the property is completed and ready for occupation, the final payment of 70% will be payable together with legal, notary and registry fees associated with the property check.
You may be expected to visit a Notary during the buying process; you will always be accompanied to the Notary by your legal representative. The Notary function is to oversee all legal proceedings. You will always see a Notary when, exchanging contracts for the purchase of your property, to register wills or give power of attorney to your solicitor to allow him to purchase a property on your behalf.
On completion and after possession given to the buyer, 4/5 days later, the deed is collected from the Notary's office. With the original deed, all the relevant transfer taxes are paid in the different tax offices and eventually the deed is taken to the Land Registry in order to procure formal registration of the title to the property. The Land Registration may take from 15 days to 3 months. The Land Registry will then give notice to the lawyer that the registration has been completed and the deeds are available for collection. Land Registry fees are then due for payment.
Remember, only 30% required before completion.
