{"id":2268,"date":"2018-02-20T10:00:52","date_gmt":"2018-02-20T09:00:52","guid":{"rendered":"https:\/\/www.alting.com\/steps-to-purchase-a-home\/"},"modified":"2026-01-26T10:22:50","modified_gmt":"2026-01-26T09:22:50","slug":"steps-to-purchase-a-home","status":"publish","type":"post","link":"https:\/\/www.alting.com\/en\/steps-to-purchase-a-home\/","title":{"rendered":"What steps do you have to follow to purchase a home?"},"content":{"rendered":"

Barcelona, February 20 2018.- The purchase of a home<\/strong> is one of the most important economic decisions we make during our lives and for this reason it is very important to know all the factors that intervene in the process<\/strong>.<\/p>\n

The location<\/strong> and the surface area<\/strong> are some of the elements that determine the search.<\/p>\n

First we must analyze how much we are willing to invest in the purchase of a home<\/strong> and if we require financing. If financing is needed<\/strong>, we must have available a minimum of 20% of the purchase price. Having a certain margin for the legal expenses and extraordinary costs that might arise is also recommended. In addition, if we take out a mortgage loan, the experts recommend that the monthly mortgage payment should not exceed 35% of our family monthly income.<\/p>\n

With the budget defined, we are ready to search for our new home. Having reached this point, the help and advice of a specialized consultant<\/a> will make the entire search process easier, guiding us at every moment on the steps to follow.<\/p>\n

HOW DO I FORMALIZE MY PURCHASE OPTION?<\/h3>\n

Once we have found the dwelling, it is time to formalize the purchase. First, however, it is essential to have checked the physical, urban planning and registry condition of the property<\/strong> that we are going to acquire.<\/p>\n

Once the acquisition of the dwelling is clear, we must formalize the purchase:<\/p>\n

    \n
  1. Reserve<\/strong> or make a down payment.
    \nIn case of requiring financing, it is usual for the buyer, when reserving, to want to condition the purchase on the granting of the loan, so that in case it is not granted, he may recover the amount delivered.<\/li>\n
  2. Earnest<\/strong> money contract<\/li>\n
  3. Deed of Sale<\/strong><\/li>\n<\/ol>\n

    \"Piso-Venta\"<\/p>\n

    TYPES OF CONTRACTS IN A PURCHASE AND SALE PROCESS<\/h3>\n

    Article 1445 of the Spanish Civil Code<\/strong>, defines that \u201cpursuant to the contract of sale and purchase<\/strong>, one of the contracting parties undertakes to deliver a specific thing and the other to pay a certain price for it, in money or something which represents it.\u201d<\/p>\n

    In the case of the contract of sale and purchase of real estate property<\/strong>, it deals with a bilateral contract, for valuable consideration, which shall always include the following information: the parties thereof (buyer and seller), the object (real estate property), the purchase price, the payment method and the date of the deed.<\/p>\n

    Normally, prior or simultaneous to the sale and purchase, an earnest money contract<\/strong> will be formalized. The most common earnest money contracts are the double-rate cancellation penalties, pursuant to which you may rescind the purchase and sale with certain consequences for the parties, as indicated in Article 1454 of the Civil Code<\/strong>: \u201cIf earnest money or a deposit has been provided in a contract of sale and purchase, the contract may be rescinded by the buyer by agreeing to forfeit the earnest money or deposit, or the seller to return it in duplicate.\u201d<\/p>\n

    The earnest money contract can be formalized in an independent contract or be part of the sale and purchase contract. The usual practice is that it is for 10% of the purchase price, although the economic conditions that are deemed advisable can be agreed between the buyer and the seller, indicating in the document the maximum period to execute the deed (normally it is stipulated in a maximum period of three months from the signing of the earnest money contract).<\/p>\n

    \"Casa-Venta\"<\/p>\n

    WHAT DOCUMENTATION MUST WE TAKE INTO ACCOUNT?<\/h3>\n

    In order to be able to draw up and formalize a purchase and sale contract, the following documentation will be necessary:<\/p>\n