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Do I need to check my contract?

Between paying your reservation deposit and signing private purchase contracts (normally a period of thirty days), your lawyer will check the contract to ensure that the property you are buying is free of debt, legally owned and that bank guarantees are in place to protect your funds in the unlikely event of the developers going bankrupt. Once the lawyer is happy with the contract, he/she will then ask you to transfer your funds to their client account in Spain. We would advise using a currency exchange specialist if you are a citizen of a non-euro country.

The amount of money required at this stage depends on the type of property that you are buying in Spain. Very often for resale property in Spain, 10% of the purchase price is due at this stage. When purchasing off-plan property from a developer in Spain, the payment terms will dictate the amount due at this stage. This figure normally varies between 10% and 50%.

Once the lawyer has received your funds, together with the signed contract, your payment will be forwarded to the developer or the vendor. The signed contract will set out when further payments are due, and will also include a forecasted completion date.
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