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Completion takes place when you sign the public deeds in front of a notary public (notario in Spanish), and pay the vendor in full. This is when the property becomes officially yours, though you still have to register your title in Spain’s property register (registro de la propiedad).
Signing the deeds before notary, know in Spanish as the Escritura Publica, has to be done by everyone involved in the sale – buyers and vendors (or their legal representatives). This is normally when final payments are made to the vendor. It is still quite common in Spain (though less common every day) for vendors to ask for a certain amount under the table in cash, which goes unrecorded in the deeds. This is a fiscal fraud, and should be avoided. But if cash payments are agreed to, they usually take place at the notary’s office, once the notary has left the room.
As a buyer at the Escritura you need to take along a valid ID document, such as your passport, and payment - such as a banker’s draft - if there are any payments still outstanding. Depending upon the notary and the region, you may also need a foreigner’s identity number (NIE number), which is obtained from the Spanish police. NIE number can take several weeks to obtain, so be sure to look into this issue in good time.
The notary will verify the identity of everyone involved in the transaction, and read the deeds out aloud – in Spanish of course – so that everyone present understands the terms of the sale. Your lawyer should accompany you to the signing to make sure that there are no last minute changes without your agreement. Don’t believe anyone who tells you that you don’t need a lawyer, and that the notary will protect your interests.
Within 30 days of the Escritura you have to pay the taxes related to the purchase, after which you are strongly advised to inscribe your title deeds in the land registry. Your lawyer should help you carry out these formalities.
© Mark Stucklin (Spanish Property Insight)
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A Brief Guide to Buying Property In Spain
