What is the process of buying a property in Spain?
There are three main steps. Once you have finally found the property you would like to buy, you start the process by signing a reservation agreement. This usually involves paying a deposit of about 1% of the purchase price (up to 5%).
The agent will often bring a prepared form outlining the conditions of the deal and will push you to sign it on the spot. Then comes the downpayment contract, the arras, in which you will normally be required to pay 10% of the purchase price.
Finally, you will need to sign the purchase deed at a notary public, at which point you will pay the remaining balance of the agreed price and become the legal owner.