You found a property for sale in Nerja and have had your offer accepted. So what happens now?
The buyer will in most cases pay 3000€ as a reserve fee. Upon being paid, this fee is going to be held by either the real estate agent or your lawyer.
The intention of this reservation fee is to reassure the seller you are sincere in your intentions to buy the property.
In exchange for this trust they’ll remove the property for sale whilst your attorney conducts the mandatory checks on the property. This would include having copies submitted of the Title Deeds the Escritura, making certain the property is free of debt and any building irregularities.
This phase of the process Typically takes between 3 to 4 weeks and this will be agreed by all parties.
If the potential buyers representative finds any kind of problems during this period and the purchasers decide to withdraw their offer, their reservation fee has to be returned to them.
If however, all paperwork is legitimate and the purchasers make a decision to withdraw, they will forego their fee. A completion time will also be specified at this stage.
Once the agreed period of time has passed you would now pay your deposit.
This is going to be 10% less the reservation fee you have already paid. Unless otherwise agreed, the deposit is going to be paid directly into the Sellers account. The deposit paid is non refundable.
Completion Day – When the completion day arrives you will go to the notary office with all the other concerned parties. A nominated power of attorney could take your place. You and the seller each sign the Escritura at the notarys office agreeing to the conditions of purchase previoulsy agreed.
You are now the pround owner of your new property in Nerja!
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