Buying a Property in Spain – A Clear and Secure Process for International Buyers
- nerjawithsanna
- Jun 17
- 2 min read
Buying a property in Spain is a dream come true for many – but it’s also a legally binding process that requires careful planning. For international buyers, it’s essential to understand when commitments become binding, when payments are made, and what requirements the bank sets for granting a mortgage. With professional guidance, the process is smooth, safe, and transparent.
Here is the full purchase process, step by step:
1. Selecting the property and verbal agreement
Once the ideal property is found, a verbal agreement is made with the seller to outline the basic terms.
2. Reservation contract and reservation fee
Next, the reservation contract is signed and a reservation fee (usually €3,000–€10,000) is paid. This removes the property from the market for 2–4 weeks and allows time for legal checks and mortgage discussions. The reservation fee is refundable only if issues arise due to the seller or the property itself.
3. Mortgage negotiations and documentation
Immediately after the reservation, mortgage discussions begin. The buyer must submit:
valid ID and NIE number
proof of income (payslips, tax returns)
statements of any existing debts
proof of savings (especially for the down payment)
clean credit history
Note: The down payment must come from the buyer’s own savings. Banks do not finance this portion.
At this point, the bank may issue a pre-approval, which is non-binding.
4. Arras contract and down payment
Once financing is on track, the arras contract (deposit agreement) is signed, and a down payment of typically 10% is made.
After signing this agreement, if the buyer withdraws for any reason not caused by the seller, the down payment is forfeited. If the seller withdraws, they must return double the amount.
5. Official property valuation (tasación)
The bank then commissions a formal valuation of the property. The mortgage amount is based on this valuation, not the sale price. If the sale price exceeds the bank’s valuation, the buyer must cover the difference with personal funds.
6. Binding mortgage offer
Based on the valuation and submitted documents, the bank issues a binding mortgage offer. If approved, the buyer is ready to complete the purchase.
7. Final signing at the notary
The final step is signing the title deed at the notary, paying the remaining amount, and officially transferring ownership. The property is also registered under the new owner’s name.
Key Takeaways:
Down payment (10%) must come from personal savings.
Income, savings, and creditworthiness must be verifiable and solid.
The arras contract is the binding point – after that, cancellation has consequences.
Mortgage is granted only after valuation and full documentation.
With expert guidance, your Spanish property purchase will be safe, efficient, and successful.
Want a Free Property List?
If you're thinking of buying in Nerja (or nearby), I can send you a personalized list of 5 matching properties, completely free and with no obligations.
Just click:
Sunny regards,
Sanna
