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You are here: : Home > Buying Guide > How to buy a home in Spain: The contract

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How to buy a home in Spain: 
The contract

The signing of the contract of sale involves providing formal consent and thereby

The signing of the contract of sale is generally delivered on the one hand, housing and, secondly, the price paid by the buyer.

delivery, on the one hand, housing, through the delivery of keys and, secondly, the payment of the price because the buyer, the bank that financed the operation through the mortgage loan. It is therefore the time that it can not turn back. It is therefore important to give the greatest possible formality and consider:

  • The contract can be formalized in a private document, without the intervention of a notary and the single intervention of the seller and the buyer. This is only possible when the sale is not financed mortgage, as this requires in every case of a deed and registration in the Land Registry. That is why the sale of homes usually formalized in public deed. However, in cases of sales plan usually go to private contract to formalize the delivery of advance payments of the price, and the obligation to build and deliver. Importantly, given a private document, either party may require the other to proceed to his elevation to public documents and may, if the other party refuses, seek judicial intervention. Keep in mind that to register the purchase at the Land Registry will always be necessary to grant deed. 

  • The general rule is that the home purchase contract is formalized in writing 

    Importantly, given a private document, either party may require the other to proceed to his elevation to public documents and may, if the other party refuses, seek judicial intervention.
    public document authorized by the notary public, who reflects the will of the parties, trial issues of identity and their capacity, draws up the document as desired by them or according to the bill filed by them and in line with legal requirements and makes parts for warnings by the obligations of each result from the contract.

The intervention of the notary will authenticate the document content, so that the notary declare and make the buyer, seller and, where appropriate, the bank or to grant the loan, will be collected in writing, test which will address all of the event giving rise to its execution and the date, and neither party can deny against the other who made the statements in the execution of the deed escritura.El equivalent to the delivery of the housing, and generally the amount of the prize is awarded to the seller in the presence of the notary. The notary must identify in writing the price, stating whether it was received before or at the time of execution of the deed, the amount, payment methods asícomo employees-eg, cash, bank check nominative or bearer , bank transfer, deposit or direct debit ... -. In the event that the price has been paid prior to the time of execution of the

Whatever the form of conclusion of the contract, the seller is bound by the defects or hidden defects in the dwelling, though ignorant, pu-He divided the buyer choose to withdraw from the contract or deduct a proportional amount of the price.

deed, the notary shall record the date or dates on which it was made and the payment method used in each. Before authorizing the deed the notary will ask the Property Register of a simple note stating the ownership and encumbrances on the property, and immediately after the signing, if the parties so request, sent to the Registrar a notice in which to express the Writing has been authorized, preventing, and concluded the contract, the buyer could be affected by any lien or charge the seller to agree to the Registry prior to purchase. It is important to know that choice is in principle the notary who will meet your fees, and if the seller is an entrepreneur and the contract is concluded under concidiones general contracting, such as when buying from a developer, or hire a mortgage loan, the choice belongs to the purchaser.

Finally we note that anyone who has been the way of concluding the contract, the seller is bound by the defects or hidden defects in the home, although the ignorant, the buyer may choose to withdraw from the contract, abonándosele expenses paid or reduce the price an amount proportional to the judgment of experts. Specifically, the seller shall be liable in the case of non-compliance with quality objectives in the interior floor set by the Government under existing legislation. In addition, the developer, builder and technical direction of the building jointly liable with buyers and third party purchasers for damages caused by the structural construction defects for a period of ten years, for damages resulting from defects that affect the livability of the building during a period of three years, and for damages caused by defects in finished within a year, besides being forced to hire the necessary insurance., being also obliged to hire the necessary insurance.

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