Steps of a Real Estate Sale: Complete and Detailed Guide

Written by Hello Homes Sitges |Updated: 05-12-2024 | 0 Comments

Step index

1. Property selection and offer
2. Reservation contract
3. Private contract of sale
4. Mortgage application
5. Notary day
6. After-sales

1. Property selection and offer

Property Visits: The client visits the available properties and selects the one they want.

Offer: Once the property is chosen, an offer is made. With our tools that track time on the market, price changes and trends, we help you make the best offer possible.

Purpose: Secures the property for the buyer while legal negotiations and verifications are completed.

Deposit: A deposit equal to 1% of the property value is payable. This takes the property off the market while the next steps are being prepared.

2. Reservation contract

Signature: After carrying out the legal checks, both parties sign the reservation contract.

Deposit: Typically 10% of the purchase price is paid as a down payment.

Commitment: This contract obligates both parties to complete the sale. If the buyer backs out, he loses the deposit; if the seller backs out, he must return double the deposit.

3. Private contract of sale

Signature: Both parties sign the private contract, known as the "Deposit Contract", after completing the necessary legal checks.

Deposit: Typically 10% of the purchase price is paid as a down payment at this stage.

Legal commitment: This contract states that both parties are legally bound to complete the transaction. If the buyer backs out, he loses the deposit; if the seller backs out, he must return double the amount handed over.

4. Mortgage application

Preparation: The buyer begins the mortgage application process if financing is required.

Support: Our team can help you negotiate the best interest rates by working with different banks on your behalf.

Approval: It is important that the mortgage approval is ready before the appointment with the notary for the final purchase.

5. Notary day

Final Reviews: A final review of the property and documents is conducted prior to signing.

Signing of the deed: The buyer and the seller sign the deed of the property in front of a notary.

Final Payment: The buyer makes the remaining payment of the purchase price and receives the keys to their new home.

Property Registration: The deed is registered in the local property registry, officially making the buyer the new owner.

6. After-sales

Utility and rate management: Our team will help you transfer basic services (water, electricity, gas) and manage the payment of related taxes, such as the Property Transfer Tax (ITP).

Ongoing Support: We continue to support you even after your purchase, assisting with any additional needs that may arise.

Buying a house in Sitges is an exciting process. From property selection to final signing at the notary, every step is designed to make you feel safe and supported. Our team is here to guide you through every stage.