The exchange of private contracts or the signing of an option to buy when buying a re-sale property, normally takes place 2 to 8 weeks after the offer has been formally accepted. At this stage the lawyer will have completed all of the relevant searches. The contract states all agreed terms and the completion date.
At this point, the purchaser hands over a non-refundable 10% minimum deposit and both parties are bound to sell or buy.
If you do not want to return to Spain on completion day, you can give Power of Attorney so your lawyer can sign the title deed (Escritura Publica de Compraventa) at the Notary’s office (Notario) and make the necessary payments from your bank account. This will incur another fee, but you will probably save more than this on flights hotel bills & time off work.
This is a legal requirement & is your responsibility upon taking possession of your property. Villas in Spain can assist & advise you on this matter.
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