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Purchase a Property in Spain

Purchase a Property in Spain

4. Principal contains of The Contrato de Compraventa (Contract for Purchase and Sale)

The contrato de compraventa should contain the following clauses (amongst others):

  1. Identification of the parties signing. Identification and proof of their capacity (own behalf or on behalf of others including details of relevant mandates, powers of attorney etc) and of the principals (name, address, marital status, passport number, fiscal number) and so forth. Mutual recognition by the parties of each other's capacity to contract for the purpose.
  2. The "Whereas" statements, which includes the intention of the parties to buy and sell, and full identification of the property, including a detailed description, location, square metreage, registry details, brief title history and details of any charges or encumbrances. Statement of free wish to contract.
  3. The terms of the contract including price, methods of payment, deposit paid and receipt therefore, statements as to freedom from tenants, occupants, liability to local taxes and other (e.g. community) payments attaching to the property, completion date, completing party (i.e. agreement where necessary that purchaser may assign his contractual rights and duties to another, within strict limits established by the contract), deposit paid and receipt therefore, agreed penalties in case of non-performance by either party (normally loss of buyer's deposit or return of the deposit multiplied by a co-efficient - though both parties may instead demand specific performance from the other if they prefer), any special provisions or conditions of the sale and purchase including undertakings and warranties where required, agreement on matters of jurisdictional competence (normally to the courts of the municipality of the property, and inevitably subject to the law of situs), notifications.

Note that all parties will have to attend the notary’s office to sign the escritura, so this should be borne in mind when agreeing the date.

If a person cannot be present he must arrange a poder (power of attorney) to appoint someone else to represent him. You should already have checked at the “pre-contract stage” that all the parties who are the registered owners are available to attend the notary’s office.

 

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