The procedure of buying or selling a home in Spain can sometimes be rather complicated. However, once you know the basics of how it works, everything will seem much simpler. Because we know that entering into selling or buying on your own can be overwhelming, at Gilmar we want to help you in this complex process at the hands of our professional experts through our many years’ experience in the sector.

Steps to follow when buying a home

Firstly, you should know that there are a number of steps to follow. It seems obvious, but the first thing you have to do is decide on the home you want to buy as property. In this case, the work of a consultant is essential, since they’re the person who can update you on the best offers in the place you’re interested in, as well as guide you in your queries. The figure of the estate agent consultant will become your main support at each stage of the buying process.

When making your choice, you shouldn’t be afraid to visit the property as many times as necessary in order to know all its strengths and weaknesses first-hand. Sometimes it’s difficult to discover the least obvious strengths and weaknesses for yourself, so your consultant can be a great help.

Then you’ll have to request a simple note from the town hall or the land registry. Through this, you can find out if there are outstanding debts on the house, whether the mortgage is paid and who is the owner.

Once this is clarified, you can make an offer on the housing. At this point, you’ll have to wait to see if the owners are satisfied or make a counter offer. If they make a counter offer, you’ll have to wait and continue negotiating until both parties agree.

Once an agreement has been reached, you must arrange a meeting with the seller to formalise a reservation. It’s at this point that the earnest money contract is signed and the deposit which both parties have established, or that which is stipulated by the estate agents (if it has also contributed to the process, as we recommended previously) is paid.

The bank has the last word. If you don’t have the necessary money to buy the housing, you need to ask the bank for that amount in the form of mortgage loan. This process is expensive and slow, because the entity will carry out different assessments to confirm the loan’s viability.

Mortgages in the buying and selling process

When the mortgage loan is approved and the economic conditions and the number of years it will be paid have been agreed, you’ll have to pay the mortgage fees. These usually amount to approximately 20% of the total price of the housing. It’s also important to know that these expenses are excluded from the mortgage, so you’ll need to have this money in advance or request a personal loan to be able to pay them.

Once you have the cash of the mortgage, you can sign the contract of sale before a notary, with a bank administrator present. During the act, all clauses of the contract will be read out before all the parties involved.

After all this, all that’s left to do is to take the keys to the house and start your life in your new home.

They may seem excessive, but all these steps are necessary when signing a new mortgage . Don’t worry, paperwork is fast nowadays. Above all, when both parties have an interest in completing it as soon as possible and you have the advice of specialists. Your new house in southern Spain may already be waiting for you to cross its threshold!