Selling Property in SpainThe Closing and Payment

Once an offer has been made and accepted on the property then typically the buyer’s lawyer will carry-out due diligence checks on the property. Assuming no issues arise, the next advisable step is to prepare and sign what is known as a ‘deposit contract’.

This involves a deposit being paid by the purchaser which effectively grants an exclusive right to purchase with a date being fixed for the purchase to be finalized.

Should the sale not go through due to a change of heart on the part of the purchaser then their deposit, often 10% of the purchase price, is lost. Should the failure of the property transfer be caused by the vendor then they are obliged to pay the purchaser 20% i.e. double the amount of the deposit.

Once again assuming that everything happens smoothly the next important date is ‘the closing’. This is a meeting that will include any or all of the following: the purchaser, the vendor, their legal representatives, the bank representatives and the notary.

The notary is required as the purchase deed is a public document and requires a notary to formally witness it.

At the closing stage it will be necessary to sign the public deeds of ownership though it is sufficient for your lawyer to be present if they have full power of attorney. Payment is made typically with a bank guaranteed cheque though it may be possible to use the notary’s escrow account.

The public deeds will contain a detailed description of the property as well as contain the details of the purchaser, vendor, the price, form of payment and any other relevant conditions.

Contractual Terms

It is worth highlighting the point that it is advisable to contract the services of a lawyer for the sale of such an important and costly asset as property.

There can be many terms in a typical deed of sale-purchase of property and such terms can assign responsibility for the payment of taxes such as the sales tax on one or other of the parties, regardless of who is typically responsible for their payment.

Therefore to avoid the possibility of unwittingly accepting responsibility for taxes that you are not liable for or indeed agreeing to any other disadvantageous terms, make sure to have a qualified lawyer assist you with the sale.

Related Services

60 office locations

Testimonials for our Property Sale professionals
  • Dion Nash
    Dion Nash, Algarve

    Our lawyer Luis is bilingual, and was extremely helpful. We received very good service - Luis did everything needed to help me with my case.


    I would definitely recommend him to friends.


    Jun 05, 2018
  • Charles Wilson (Benidorm)
    Charles Wilson (Benidorm)

    Juan is simply the best. He has helped me so much. 100% recommend to any one thanks Juan!!!


    Apr 26, 2018
  • Yuka Mizota Lockey
    Yuka Mizota Lockey, Kent, Uk

    Olga responded promptly and efficiently. She was accommodating in terms of arranging meetings. She was really knowledgeable, diplomatic when dealing with our estate agents and was dedicated to our interests.


    All my family found Olga very approachable, professional and we were grateful to have someone who could explain and guide us through a process that is foreign to us.


    Jan 22, 2018
  • Graham & Josephine Flinders
    Graham & Josephine Flinders, UK

    Rosa is a excellent lawyer and a extremely nice person, very efficient and helped us though the sale of our apartment.


    It all went very smoothly and it was mostly down to Rosa who dealt with anything that came up in a very professional manner. Rosa explained all what was happening in English and always returned our calls with any answers to our questions.


    Her fees are very very reasonable and we felt we got real value for money, we cannot recommend Rosa enough.she is a throughy nice approachable person.We would not hesitate using Rosa again and have recommended her to other people in majorca.


    Oct 26, 2017
  • YS
    YS, Dubai

    Very Professional. Excellent attitude.


    Reasonable price. Good attention to details.


    Jun 16, 2017
  • JF
    JF, UK

    Emma was extremely knowledgeable, efficient and supportive throughout a complicated Spanish property sale, while I was based in the UK.


    A good price for a very professional service.


    Oct 30, 2015
  • RW
    RW, London

    Very professional, extremly helpful, approachable and very efficent in answering all questions.


    No improvement needed. Would highly recommend this service.


    Jul 16, 2015
  • Eric Blair Russell
    Eric Blair Russell, Canada

    My lawyer was efficient, professional and prompt – as well as being bilingual.


    I was very satisfied with his work and would be happy to use his service again in the future.


    May 25, 2015
  • Trevor Taylor
    Trevor Taylor, England

    I was put at my ease straight away, never hiring a Spanish lawyer before, I was cautious, but Francisco guided me through the process effortlessly.I thought my case would be tricky and I on my own would never have completed without him. He was a star.


    I have recommended him to some friends of mine who want to sell their business. As for value for money, he was spot on, and very approachable .Full marks from me.


    Aug 22, 2014
Send Your Enquiry
Are there public holidays?

Enquiry sent. Thank you!

Please fix errors