When an offer is accepted - The we takes the legal responsibility for checking the land registry and if all is well will then prepare a private contract which will bind both parties to the deal (you may be asked to lodge a deposit on the property, to take the property off the market). The agent will next prepare the information for the public deeds (Escritura de Compraventa) for signature in front of a Spanish Notary. When the balance of the purchase price is paid and vacant possession of the unencumbered property is granted, the sale is completed.

Option or Reservation Contract
A document reserving a property and acting as a signed receipt for any monies paid (see Deposit) with respect to that contract. This contract fixes the price, means the seller cannot offer the property for sale to anyone else and lays out payment terms and completion date.

Main Contract
A contract with conditions (such as the payment structure at each stage of construction, see stage payments) attached to the sale of a property.

Land Registry
The place where all Escrituras (Title Deeds) are registered and where title and any charges against a property are checked. Registration fees to inscribe the new deed into your name should not exceed 1% of the registered value.

Contract Deposit
Usually approx £2,000 and is your official confirmation that you intend to proceed with the purchase of that property. (see reservation contract)

On the day of completion - The notary will fax details of the title deed to the local land register to inform them of the identity of the new owner. This will prevent the property from being sold twice. The notary and the land register act together to protect and guarantee your interests. Your agent/solicitor can also arrange for the transfer to your name of utilities and services such as water and electricity and organise their payment through a local bank.