Completing The Sale & Receiving The Keys To Your Home
Timelines
Completion is generally 2 – 4 weeks after the private purchase contract, but this time frame can be shorter or longer.
That said, generally buyers need time to arrange their finances and sellers time to arrange their move, so the final date of completion is a mutually agreed date between the 2 parties, this can be just a couple of weeks or even months.
Completion at Notary
The difference between the reservation contract, the private contract and completion is the completion takes place at the notary public.
The final sale and purchase will be signed in front of the notary and, at the same time the buyers will present a cheque for the balance owed and the sellers will hand over the keys.
Charges Deducted From Payment
Importantly from the final payment will be deducted any charges or fees outstanding in the property.
For example, if there is a mortgage, the bank representative will be present to receive payment for outstanding mortgage so that it can be cancelled.
Also, if there are other debts outstanding the buyers’ lawyers will retain an amount to cover this to ensure it is paid. For example, there may be some community fees, electricity bills or council taxes pending that will need to be paid.
This is to ensure that the property is purchased free of any charges.
Registration at Land Registry
As soon as the contract is signed the notary should advise the land registry in order to register the change of ownership.
To read more about the others steps in the click on the links below
Note: The above is for general guidance and no substitute for professional legal advise that I would advise buyers to take before entering into any contract.
DO YOU HAVE A QUESTION?
Ricky Bache
Estate Agent
B.Sc Economics
(HEC Lausanne )
Asesor Credito Hipotecario
(UPV Valencia)
Tel : +34 609 50 22 44
ricky@marbellaconnect.com
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