Are you looking for a new home but don't know where to start? At Aliseda Real Estate, we explain how the home buying process works, from the beginning of the transaction to the key handover. We also talk about some of the key figures involved in the process.
First steps: choose the house and the type of seller
The first thing to do is choose the type of property. This will be determined by the economic capacity and the purpose of each client. There are different types of homes: new construction, second-hand, protected, etc.
Choosing the type of property is as important as choosing the type of seller. Within the real estate market, the consumer may encounter different types of sellers.
On the one hand, there are real estate agencies that can advise and inform the interested party about legal and financial aspects. On the other hand, there are real estate developers or builders that can, for example, help the buyer find a new construction home. There are also private individuals who sell their own properties, and finally, real estate portals that advertise houses and apartments owned by other real estate agencies or individuals.
Next steps in the buying process
Once the property has been chosen and visited, the next step is to request a simple note from the property registry. With this document, the buyer can check the most relevant information about the property in question, from its characteristics and square meters to any charges it may have.
After going to the registry and checking that everything is in order, the next step is the earnest money contract. A private document through which the buyer and seller agree to reserve the sale of the real estate.
The contract includes: the personal details of both parties, the description of the property, its final price, the fixed amount as a deposit, the maximum time to formalize the sale, any property charges – if any – and the distribution of the sale expenses.
After signing the earnest money contract, it's time to seek financing. At this point, some buyers go to the bank or a similar institution to apply for a mortgage loan. Nowadays, there are fixed, variable, and mixed-rate mortgages.
After this comes the moment of signing the deed of the property before a notary. The notary is a crucial figure in the real estate buying process, as they attest to the transaction and ensure that everything is done in accordance with current laws. The deeds must include the description of the house, the price and payment method, taxes, and notary fees.
Before concluding, another step is to register the property in the property registry. Although it is not a mandatory procedure in Spain, it is advisable to do so as it offers several benefits, such as legal security. Furthermore, when applying for a mortgage, this registration is essential.
Visit our blog and discover more about real estate trends, sustainability ideas, home tips, and queries about places and locations. Follow us on social media to stay updated on our products and services.
