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Purchase Completion

There is no doubt that this is the most exciting part of any property purchase. You are almost there now. The property that you chose to buy is almost yours.

In Spain there is a system of Notaries. More commonly called Notario Publico, in Spanish the word Publico is usually dropped.

Your Lawyer or Asesor (legal adviser) will refer often to the Notary, and you will see the Notary many times during the property buying process. You need to visit the Notary Publico to officiate the mortgage contract between you, and the bank, if you are buying the property with a mortgage.

The final stage, the completion of the property sale, is to attend the office of the Notary Publico to sign the Escritura Publica de Compraventa. This is the signing of a document which states that the seller is agreeing to sell the property, and the buyer is agreeing to buy the property, which is detailed and described within the document itself. Before both parties sign this document, it is the duty, and responsibility of the Notary Publico to satisfy himself that everybody understands what is being signed. Once the Notary Publico is completely satisfied that everything is clear, he will then witness the document with a signature, and add his seal of office. This document, called the Escritura Publica de Venta is extremely important, as your Asesor (legal adviser) or Lawyer will then use this to have your name written into the registro de la Propiedad (Land Registry) as the official, and legal owner of the property.

It should not be assumed that either the seller of the property, or the buyer of the property, will be present at the signing of the Escritura Publica de Compraventa as either or both could have nominated a representative to sign on their behalf by granting a power of attorney. By the time you reach this stage of buying the chosen property, all powers of attorney that have been granted to third parties, should have been checked. See the Checking Your Chosen Property page.

Congratulations! You have completed the purchase of your property.

Now your Asesor (legal adviser) or lawyer (whichever you have chosen will organize for the property to be registered to the new owner. At this stage the new owner will have a number of property transfer taxes to pay, along with the fees for the Notary Publico, and the Asesor (legal adviser) or lawyer. A copy of the Escritura (title deeds) will be returned to the new owner within approximately 3 months. The escritura will bear the official stamps that confirm the property is yours, and that your ownership is protected by law.