PURCHASE PROCESS

PROPERTY SEARCH

Following the client’s needs, AB House Project will propose a selection of apartments that may be of great interest.

CHECKING THE FOUND PROPERTY

Once the property has been identified, it must be verified. The first step is to request the Nota Simple (the “nota simple” is an official document issued by the Spanish Land Registry that informs us about the property owner, if there are any encumbrances (mortgages, liens, easements, etc.) and the limitations and restrictions affecting the owners and/or the property).

RESERVE THE PROPERTY

At this point, it is necessary to reserve and “block” the apartment to be able to remove it from the market and proceed comfortably with subsequent phases.

It is usually required to deposit 10% of the property’s value in the account of the owner or the real estate agency representing them.

This deposit can also be made from a foreign checking account via bank transfer. The final balance must be made with a non-transferable cashier’s check necessarily issued by a Spanish bank in the name of the owner.

At the same time, a purchase agreement (referred to as “contrato de arras”) is signed. This includes all aspects of the transaction (property data, parties involved, sale price, sale conditions, expected deed date, …).

NOTARIAL PURCHASE DEED OF THE PROPERTY

After the verifications mentioned above, our agency will handle transporting all necessary documents to the Notary’s office and verify the final sale document (“deed”). On the deed date, we will also be present as official translators, if needed.

Generally, all practices related to the various transcriptions of the deeds and the settlement of the corresponding notarial fees are entrusted to an administrative office (often present at the notary itself) called “Gestoría“.

The “Gestoría” will send us an estimated cost (= provision of funds) before the deed date, which will be paid by the buyer immediately after signing the purchase deed. With this “fund” available, the Gestoría will pay all expenses (including notarial and public registry fees) and publicly register the purchase deed. If requested, the “Gestoría” can also handle the change of ownership of utilities and the condominium. The domiciliation of IBI and garbage payment is usually done by the buyer.

In case of a mortgage loan request, this “Gestoría” is managed and directly chosen by the bank that will provide the “provision of funds” to ensure the proper completion of the entire post-sale process by having to arrange a mortgage on the same property. Any positive balance regarding the provision of funds will be refunded by the same ” Gestoría ” with the invoices corresponding to each individual expense.

CONGRATULATIONS!!

You have signed the deed, and the apartment is now your property… you can move in and start enjoying this beautiful island!!