Buyers Guide

  1. HOLDING DEPOSIT (Reserva)

    The first step when you find a property that you want to buy is to enter into negotiations with the owner regarding the price and terms of sale. After your offer has been accepted, the next step is normally to put down a reserve deposit to take the property off the market. The amount of the deposit can vary from property to property, but is normally 3000- 5000 euros. The reserve agreement will normally be subject to legal checks being carried out and will set a timeline within which the private contract or public deed should be signed. We always advise our clients to use a lawyer for the purchase and can recommend ones suitable for the transaction that speak English.

  2. THE PRIVATE CONTRACT (Arras)

    This is a simple agreement between the Buyer and the Seller in which the Seller agrees to sell the property, and the Buyer agrees to buy the property at the price agreed. This will contain all of the relevant details such as a description of the property, purchase price, and date of completion. At this stage the Buyer will be expected to pay a deposit, which is usually 10% of the agreed purchase price. Within the contract there is normally an arras clause. Should the seller decide to withdraw from the sale, the Buyer is entitled to receive double of the deposit as compensation. Should the Buyer decide to withdraw from the sale, the deposit is lost.

  3. COMPLETION OF PUBLIC DEED (Escritura de compraventa)

    Prior to completion, non-Spanish buyers will need a Spanish tax number or NIE and a bank account in Spain. On the completion date, the balance of the purchase price (sales price minus deposit) and any fees payable by the Buyer must be paid. The Seller and Buyer then sign the Public Deed (escritura de compraventa), which is equivalent to the title deeds of the property. The buyer is then issued with the public deed in front of a Notary Public (a public official who is required to witness the deed of sale), who certifies the property transfer, and a copy of the Public Deed will be passed to the tax office and on to the Property Registry.

  4. PURCHASE COSTS

    The costs related to buying a property in Barcelona are typically between 11% and 12% of the purchase price (10% property transfer tax+ laywer fee + notary fee).