When acquiring a property in Spain you will most probably also acquire a percentage of the elements in the building that are common to all owners (gardens, swimming pools communal grounds and elements).

In order to regulate this situation a Community of Owners is formed. The purpose of a Community of Owners is to decide on matters belonging to the building, common to all owners. The Community of Owners in Spain is largely governed by the Community of Owners Act (Ley de Propiedad Horizontal). Read more

Second Hand Property

Most vendors will require from 10 % to 20 % of the purchase price to be paid at exchange of contracts and balance at completion.

Before exchange   of   private   contract   your   lawyer   will   have   completed   searches   and investigations on the property being sold and will secure it is sold free of charges and encumbrances and up to date in its tax obligations. The private contract will set out the legal description of the property, price, terms of payment and the obligations of both parties. Read more

This is a brief summary intended to give a broad outline to a first-time buyer of residential property in Spain.

Once you have chosen the property you wish to acquire, the next step is to enquire about features of the property; plans, terms of payment and extras if any.  At this stage you might require the assistance of a qualified lawyer who will aid you and clarify any points and costs involved. Read more