Offer accepted? Cue the legal dance: reservation, purchase contract, and notary deed. Here’s the rundown:
1. Reservation Contract Locks it in for 7-14 days with a fee (€5,000-€20,000 or 1%). Proceed, and it’s part of the price; bail, and it’s gone unless you’ve got a loophole.
2. 10% Private Contract Pay 10% (including reservation). Variants: - Penitential: Seller backs out, you get double; you quit, lose 10%. - Purchase: Both locked in—court can enforce it. - Option: Seller’s stuck; you walk, lose 10%.
3. Mortgage Start early—takes 2 months. Get 50% of the price, 15-25 years, 0.25%-0.5% early payoff fees.
4. Closing – Escritura de Compraventa Notary day: all parties, bank cheques, instant ownership. Register in 3 months, then switch utilities to your name.
Need Clarity?
What’s next after buying?
Ownership hits at signing. Deeds register in 3 months; then you handle bills.
Reservation contract 101?
It holds the property with a fee—lost if you ditch, unless you’ve got terms to save it.
