We distinguish three payments on a resale transaction.
- With reservations, you do not pay the deposit to the seller, but rather to the real estate agent or a lawyer. A reservation fee is usually €3,000 – €11,000, depending on the purchase price.
- Upon signing the private purchase contract, you usually pay 10% of the purchase price. In Spain, it is customary to transfer this amount directly to the vendor’s account. However, this is rarely advisable. If there is a theoretical risk that the transaction cannot go ahead, for example due to suspensive conditions, or if the seller is not resident in Spain, we try to work with a third-party account. You pay the 10% into a third-party account, so the seller does not have access to the funds.
- Upon signing the notarial deed of sale, you pay the balance of the purchase price, less taxes and debts, by bank cheque to the vendor. Specifically, you transfer the funds to our Spanish third-party account and we take care of all the payments.
