The signing of the Escritura is the final contract of the buying process. When the Escritura has been signed, the title deed will officially be transferred to the buyer and the seller will receive the full payment for the property. Normally, the seller will receive his payment through bank transfer or by cheque.
This final transaction must be supervised by a notary, who will ensure that the agreement will be executed appropriately and within the Spanish legal framework. Casamona can assist in search for a notary who speaks English, as we have dealt with many in the past. Casamona will of course assist you throughout the entire process.
In order to complete the final transaction, the buyer and the seller are required to bring the following to the notary: Casamona will of course make sure the seller does this.
1.The title deed of the property;
2.Proof of IBI payments in the past;
3.Proof that community fees (gastos de comunidad) have been paid over the years;
4.A document which provides an overview of utility costs;
5.Proof that the property is debt free;
6.Your lawyer (if you have one);
7.Cedula de habitabilidad (permission of residential use);
8.Energy Efficiency Certification;
When signing the Escritura, you are stating that you are fully aware of the conditions of the property. Casamona would advise anyone who is buying property in Spain, to study the contract with a lawyer before completing the sale. There are some sections of the contract that can be difficult to understand as a foreigner. It is not the notary’s responsibility to make sure that you have read and understood the Escritura, so make sure that you are aware of the conditions before investing.
When the last legal document has been signed, the keys will be handed to the new owner and the buying process will be over. From there, the buyer must pay a series of mandatory taxes. All information about all cost and taxes are explained under section Costs and Taxes.
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