Final Steps Before You Get the Keys: What Every Buyer Should Know

Buying a property in Spain is an exciting journey, but before you can step into your new home, there are several final steps when buying property in Spain that you must complete. Whether you're purchasing a new build or a resale property, understanding the legal and financial requirements will help ensure a smooth transition.

1. Signing the Title Deed at the Notary

The final step in the Spanish property closing process explained is the signing of the title deed (Escritura) at the notary. Both the buyer and seller, or their legal representatives, must be present. The notary’s role is to verify all documents, confirm payment details, and officially register the property transfer. If you’re wondering how long does it take to buy a house in Spain, the signing day is the last stage before you officially own the home.

2. Understanding the Taxes and Fees

One of the key things to be aware of are the notary fees and taxes when buying property in Spain. Buyers must pay:

• Property purchase tax in the Valencia region (ITP) for resale properties, which is 10% of the property price.
• VAT (IVA) at 10% plus stamp duty (AJD) for new-build properties.
• Notary and Land Registry fees, which vary based on the purchase price.
• Legal fees if using a solicitor to handle the transaction.

For sellers, notary fees when selling a property in Spain will also apply, along with potential capital gains tax. If you're selling, you might ask do sellers pay tax when selling a house in Spain, and the answer depends on the profit from the sale and residency status.

3. Transferring Final Payments

Before signing at the notary, buyers must settle all outstanding payments, including the final property price, taxes, and any remaining legal fees. The funds are typically transferred via a bank-guaranteed cheque or bank transfer. It’s crucial to know what documents do I need to buy a house in Spain to ensure all paperwork is in order before finalizing payments.

4. Registering Your Property

Once the notary signs off on the transaction, the property must be officially registered. How to register your property after buying in Spain involves submitting the deed to the Land Registry (Registro de la Propiedad) and paying applicable registration fees. This process typically takes a few weeks but is essential to legally establish ownership.

5. Receiving the Keys and Moving In

Once the paperwork is complete and payments finalized, you’ll receive the keys to your new home! If you're purchasing a new-build, you may need to arrange for utilities and furniture delivery. If it’s a resale, checking for any outstanding bills or community fees is advisable.

For Sellers: What Happens on Completion Day?

If you're selling a property, you may wonder what happens on completion day when selling property in Spain. At the notary, the buyer will pay the remaining balance, and you will hand over the keys. Your solicitor will ensure all necessary paperwork is signed, and funds are transferred to your account. If you're asking how long does it take to sell a house in Spain, it typically depends on market conditions and the efficiency of legal procedures.

Final Thoughts

Understanding the legal steps to buying a home in Spain is crucial to avoid unnecessary delays or complications. Whether you’re a buyer preparing for the final costs when buying property in Spain or a seller navigating your financial obligations, having expert guidance ensures a stress-free process.

If you’re looking for professional assistance, contact us today for expert advice on buying or selling property in Spain!