Whether you’re thinking of buying or ready to sell a property in Spain, the whole process can take time. But how long could it actually take?
There are a few factors to consider, for example:
Are both buyer and seller here in Spain?
Is the paperwork for the property ready to sign over?
Do the buyers need a mortgage?
Do the vendors need time to vacate?
If both buyer and seller are in Spain, and providing the funds are readily available, completion can take place very quickly. The quickest completion I’ve ever done was in two days! That means, from reserving the property to moving out/in! Nowadays it’s common for buyers and sellers to complete without being in Spain and appoint a Lawyer Power Of Attorney to sign the documents on their behalf. Previously, Power Of Attorney papers were taking about a couple of weeks to come through. Unfortunately now, drawing up Power of Attorney papers in some parts of the world to be valid in Spain, is currently taking much longer.
Do any extensions or swimming pools need to be added on to the Title Deeds before completion? If so, this does take a little time. An Architect will need to prepare certificates for this process.
Should the buyer need to apply for a mortgage, allow approximately 9-12 weeks before being able to complete the purchase/sale. From experience, the local banks may say they can work quicker however expectations and reality are two different things!
Sometimes vendors need a little more time to actually vacate their property before being able to complete a sale. Especially if they are residing full time.
On the whole, a straightforward completion can take on average 3 to 4 months. This can be quicker if everyone and everything is ready to go, however could be longer during the pandemic.
To learn more about the buying process in the Costa Blanca, head to www.BuyMyHomeInSpain.com to download a complimentary Spanish Property Buying Guide for 2021.