What information must the property agent provide?
The buyer must be provided with the building specifications and all details related to the property’s construction, payment plans and possible financing.

What information must the seller provide?
The seller must provide all information you need in order to make a decision on your purchase, specifically: - Title deeds. - Property plans. - Document proving that a property is habitable. - The last paid Property Goods tax bill. - The last paid community tax bill. - Receipt showing compliance with the increase in land tax value (subsequent to authority transfer).

How can you formalise your wish to buy a property?
There are two ways of doing this: purchase option and deposit.

What is a purchase option?
In the case of a purchase option, the potential buyer can only acquire a property when the seller decides to formalise the deal. Under no circumstances does this option constitute a guarantee for the buyer as the seller is not legally obliged to make a sale.

What is a deposit?
A deposit or security guarantees your right to buy a property. For this purpose, you need to provide a sum of money on an account. If you do not subsequently buy the property under the set conditions, you will lose your deposit. If the seller does not comply with the stipulations, they will be obliged to give back double the amount.

What is a lock-in contract and general clauses?
The conditions of a contract of sale are accepted through lock-in contracts and general clauses, which are drawn up by one of the parties in advance. This is standard procedure for property buying and selling operations. The estate agent or developer gives their client a standardised, homogeneous contract drawn up by their legal consultants. Analyse all contract clauses carefully, without forgetting those that state who is responsible for the costs and fees resulting from the purchase of the property. You should also check the rights and responsibilities of both parties as set out in the contract.

What is a contract of sale agreement?
Sometimes, before signing the contract, the seller and the buyer sign a document that reflects the agreement reached (identification of the parties involved, description of the property, price, payment method, responsibility for payment of costs and corresponding taxes, etc.). The amount handed over by the buyer is part of the total agreed price. You must remember that signing a private contract of sale does not make you the property owner until you have received the keys, which happens upon signing the deed.

How is the price of a contract of sale agreed?
This can happen in various ways: - Cash: if you are paying the whole amount in cash this is recorded in the contract. In this case, it is best to sign the deed directly, in the presence of a solicitor. - Deferred: when a private sale contract is signed, payment is usually deferred, reserving the highest quantity possible for when the deed is signed. In this case the seller can set up a guarantee, meaning that ownership will be returned to him/her if the buyer fails to make payments. - Duty replacement: existing duties, together with unpaid bills and mortgage, must be discounted from the payment made to the seller. In such cases, you should contact the credit company to check the exact conditions. In the case of a mortgage, you should be aware that the financing company must give its consent for you to continue paying off the loan. This will happen when the deeds are signed.

What is a deed?
A deed is a public document that is signed and ratified by a solicitor. It is later added to the Property Register. The most relevant deeds are those of the contract of sale, the mortgage and the declaration of new work. The seller must present the property deed corresponding to the property to be sold. Upon the sale being carried out, the solicitor will issue a new contract of sale between the seller and buyer, which will detail all agreed clauses and conditions, e.g. price, payment method etc.

What is the signing of a public deed?
This is the most important moment in the process of buying a property. Once you have signed the public deed you are the property owner, and your name will appear as such in the property register.

When do you need to enter the property in the property register?
Once you have signed the deeds, the property must be registered to your name. The purpose of the Register is to record the ownership of goods and any associated rights in writing. It is advisable to do this to obtain the maximum legal guarantees, and it is essential when applying for a mortgage or requesting permission to take over an existing mortgage.

Who actually registers the property?
The registration of the deed is performed by the solicitor on the day that the contracts are signed. The solicitor, or designated administration agent, will take care of all the paperwork. When the property register returns both registered deeds, the agency will send you the first copy of the document registering your house purchase and another for your mortgage, together with all the tax invoices which you have paid.