A common question we receive at Confianz is about how long it takes to purchase immo in Spain. Therefore, this post will briefly explain how long the buying process of a Spanish property can take.
Are there legal deadlines?
In Belgium, the notary must register the deed of sale within 4 months of compromise. In Spain, there is no legal deadline and so parties can agree on their own schedule.
What are the common terms for buying immo in Spain?
Buying a property in Spain consists of a number of stages.
The first step is the reservation or option. This takes the property off the market for a certain period of time. During this reservation period, all legal checks on the property can then take place. Think about the ownership situation, debts, urban planning, etc. A reservation period is generally 30 days, after which the compromise is made.
The second step is the compromise. With this, you enter into a binding contract of sale. The deadline to deed is usually 2 months. However, this may depend on what has been agreed and whether you have your NIE numbers already available.
A normal buy takes about 3 months to deed in total.
How soon can we go to the notary?
Theoretically, after agreeing on the property and the price, you can go to the notary the same day to have the sale described. In practice, however, a number of things need to be taken into account.
First of all, you need to be sure that there are no legal defects with the property. We can complete these checks - if the seller's file is in order - within one week. After that, another week is needed to prepare the deed. Therefore, in extremely urgent files, the compromise is often skipped.
In short: we can we the deed for the purchase of immo in Spain on two weeks complete. For more complex or larger files, however, this is one month.
Is a longer period also possible?
Sure. With some files, it is appropriate to wait a little longer. For example, the seller may still need to obtain regularisation of a building violation. Or the seller's property titles have not yet been registered in the Registration office. These procedures take time. We actually have certain files with a duration of one year.
In a normal scenario, buying immo in Spain takes around 3 months. However, the duration of a purchase in Spain depends on several factors. How soon will you have your NIE numbers? What is the legal situation of the property? Are there certain problems with the property that need to be resolved first? Does the seller demand a quick settlement in exchange for a more favourable price? These issues, among others, have an impact on the turnaround time of the purchase process.
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