Role of the notary when buying a property in Spain

The success of a real estate project in Spain is partly based on the effectiveness of the intervention of certain key players in the sector. In other words, buying a house in Spain - in order to make it profitable or to live there as a pensioner or expatriate worker - requires the intervention (among others) of a notary. Even if this seems obvious to you, you may nevertheless ask yourself: "but concretely, what is the role of the notary in my real estate purchase in Spain and how does it work? "

Be relaxed! Being well informed on the matter, the experts of our real estate agency share their knowledge for free.

Role of the notary in a Spanish property purchase: what should be remembered?

Impartial because representing the State, the notary is, within the limits of his competence, guarantor of legal certainty. As such, it constitutes, in Spain, a public legal adviser offering its services free of charge. But this officer of justice also takes care, inter alia and for remuneration, of the elaboration of the act of purchase when it is a question - as far as we are concerned here - of any real estate transaction.

The role of the notary is therefore inseparable (at a certain level) from the purchase of real estate in Spain. Ultimately, its intervention must allow the buyer to have an authentic document designating him as the new legal owner of the acquired property. This document must therefore apply to the latter as of law in all circumstances.

Thus, without being exhaustive, the functions of the notary in Spain essentially consist in:

● Validate the conformity of an act of purchase vis-à-vis the law in force;       

● Ensure the authenticity of all documents annexed to this act;       

● Register the notarial deed in the Property register ("Registro de la Propiedad");       

● Appoint a manager who would pay the fees and the ITP (taxes on the inheritance).       

To know a little more about ITP and the different types of taxes in Spain, read this article: "Taxes in Spain: mini guide for a successful real estate investment".

Spanish notary versus French notary: what differences in their role?

As mentioned above, the role of the notary in Spain is above all to provide legal assistance. But this legal professional can also exercise lucrative services. However, the law does not allow him to take sides in the exercise of his functions.

The French notary, on the other hand, has a slightly wider field of action. Far from being a representative of the state, he is rather a liberal independent. It goes beyond the role played by the Spanish notary and oversees the process of the real estate transaction.

This position allows him to defend both the interests of the seller and those of the buyer. In addition, unlike his Spanish counterpart, he has the latitude to collect the amount of the sale price of a good from his bank account before transferring it to the seller's account.

Fees and role of the notary in the settlement of the price of a property acquisition in Spain

The fees of the notary in Spain

When you sign a contract to purchase real estate in Spain, you must (according to a tariff scale), pay the fees of the notary. These fees are increased by other charges related in particular to taxes, registration in the property register, services of the payment manager, etc. These charges constitute a provision of funds generally overvalued and supplied by the buyer. At the end of the transaction, the surplus of this provision is transferred to the latter.

Role of the notary in the seller's payment by the buyer

In Spain, once the sales contract has been signed, you must pay the seller by making a transfer to his bank account. You can also write a check in his name. The role of the notary, here, is to record and certify the payment in the act of purchase (or sale).

Buying property in Spain: what other roles and by which actors?

Given its limited role, the notary cannot, alone, guarantee the security of a real estate transaction. Its intervention must be complemented - upstream and downstream - by that of other actors such as the accountant or the lawyer.

Moreover, it has been proven that the most successful transactions are those that involve real estate agencies in their process. At Immo 365, for example, we have already proven ourselves because we take the security of our clients' real estate projects very seriously. To do this, we strive to provide them with all the useful information possible, including making available to them the Nota Simple. ( Must read: " La Nota Simple : an essential document in the purchase of real estate in Spain?").

So, ready to invest in Spain? Contact us and live the unique experience of the assistance of a real estate agency established for decades in Spain - more particularly on the Costa Brava