To be able to buy a property in your own name you must first apply for a Spanish tax number called, NIE number. It is advisable to start this process early.
On instruction the lawyer will draft a private contract or an option to buy agreement.
Private contract: After checking the legal position of the property the private contract will be signed and a deposit of generally 10% of the agreed price is paid. The seller can't sell the property anymore to anybody else and if the rest of the purchase price is being paid he can't stop the completion of the contract, which will be done within the agreed time frame at the Notary.
Option to buy agreement: This means that a buyer has an option to buy the property for a limited time (normally 30 days). This enables him to arrange the funds and other formalities in peace and it leads to the same result. The option fee of normally 10% of the purchase price will also be due on signing the option agreement. Also here the final completion of signing the escritura (title deed) will take place in front of a notary. On signing the escritura the balance of the purchase price is due and vacant possession of the unencumbered property is granted. The deed of conveyance must then be lodged at the Land Registry to assure legal title.
Power of attorney can be given to your lawyer if you cannot be present.
C/Cabo Blanco,km 6,3 local19
Centro Commercial Maioris
Illes Balears , 07600 , Spain
Av. Juan Miro, 336 Izq
Palma de Mallorca - Mallorca
Illes Balears , 07012 , Spain
C/Mestres D´Aixa,3 ,
Illes Balears , 07015 , Spain