This week a client asked us to explain in the simplest terms possible the process of buying a property in Valencia. Now we have written about this in the past from initial contact with us to after-sales service and everything in between but they just wanted to know the process from the point that they decide the place is for them to completion, so we put together a little flow chart. And today we are going to take you through the chart so you can see for yourself once you get to the point of making an offer on a Valencia Property.
The Process Of Buying
This is the simplified version. If everything was as smooth as we usually make it look, then here is the process. We talk about each step below and then give you a little bit about what's going on in the background while this is happening.
Stage One: The Initial Offer
You decide to make an offer and we pass it onto the seller or seller's agent. If required at this point you will make a reserve payment which normally we hold but at times if forwarded to the selling agent. This proves to the seller that the offer is serious. If the offer is accepted then the second part of stage one occurs.
We collect the paperwork and pass it onto your designated lawyer. A good lawyer should take around 5 days maximum to inform you if everything is ok on a city apartment. Outside the city things may be a little slower depending on the town.
Stage Two: The Arras Contract
This is the full deposit contract usually drafted by your lawyer and sent to the sellers for their agreement and signature. We have an article about what should be included in the arras contract here. This contract is often translated as the "Earnest money" contract.
The vendors sign and return the contract for you to sign and once done you usually have a maximum of five working days to transfer the deposit, around 10%, to the seller's account. (There is no escrow service in Spain)
Stage 3: Mortgage and Valuation
If you are getting a mortgage we go into stage three of the process. However, remember that if you are not getting a mortgage then you don't need to think about this stage and honestly, it's the most complicated bit. If you are buying using your own funds then the process is even simpler. However, if you are going to get a mortgage then you instruct the bank to make a valuation of the property and they send an independent valuer around. Assuming the valuation comes out OK then the bank will make you an offer for a mortgage. The terms and conditions will be laid out with interest rate, percentage of sale price or valuation offered and the term of the mortgage and if you agree then you sign on the bank app or in branch and the bank will supply the required paperwork to the designated notary's office.
Once at the notary the mortgage paperwork has to be there for the designated cooling off period of ten days. This is to make sure the terms and conditions are what you were already informed of by the bank. You sign the mortgage documentation with the notary at any time during this minimum ten day period and at the end of that time you can go on to Stage 4.
Stage 4: Closing at Notary
You go to the notary again to sign both the final bank documents, which you have already done once but this is for the bank to release the funds, and then you sign the final deed for purchase with the vendor. The funds are then distributed to the seller or sellers and their bank if there is a current mortgage on the property, usually via a direct interbank transfer but sometimes using bank drafts, and you are given the keys. The property is yours.
But...
This is a very simplified version of the process and you may be able to spot holes in it like for example, who is arranging the notary, who is delivering the paperwork, who is checking everything is ok at each stage? But don't worry. That is what we are doing in conjunction with your legal representative and the sellers or selling agent to make sure everything is available on time and in the right place.
During the process you may well be asked for more documents, proof of funds, given details to make transfers into your own bank and a whole litany of other small things but those are the things we are doing in the background just like we have done many times before. We make it a smooth process so that what you actually have to deal with is basically the stages you can see in the image above.
Thousands of people have gone through this process with us in the past and if you think it's time to join them then you can start by filling in the form below and one of us will be back in touch with you very soon.
The Latest Valencia Property Podcast
On Friday we released the latest Valencia Property podcast. You can listen to it here or embedded below.
In this episode we report on the tragedies in Spain last week, the jobs news coming out of Valencia and more airport disruption and we have a crow about those mid-term elections, so important for our American clients. If you are of a vintage where you can remember a famous 1981 Norwegian football commentary then you may also get some more fun out of it too.
Property of the Week
Fantastic Villa In L'Eliana 650K
This excellent property is on a quiet, leafy street, and offers privacy, space, and neighbours you probably will never know beyond a brief nod. There is a spacious garage that currently serves a dual purpose—as a parking area and a gym. To one side of the house lies a large swimming pool surrounded by trees, along with a terrace and plenty of space to enjoy the summer, host meals, or just sit on your backside and have a go at yourself for being a lazy t*sser who never uses that gym that’s taking up all that space in the garage. (To see the whole description and all the photos just click here)
Stepping Stones Rental of the Week
Roteros Retreat
The exposed brick, wooden beams, big windows and woven leather dining chairs give it a lot of personality.
Historic Valencia, Modern Comforts.
Right beside the Torres de Serranos, this is one of those apartments that feels properly Valencian without feeling old-fashioned.
Tucked away on Calle Roteros, in a quiet residential building just steps from the historic centre, this newly modernised home has managed to keep plenty of character while giving you all the comfort you actually want from a city apartment.
The living space is bright, open and full of personality, with original-style exposed brick, wooden beams, large windows and warm natural finishes. There’s a comfortable lounge area, a proper dining table and a modern, fully equipped kitchen — so it works just as well for a quiet night at home as it does for having friends over.
There are two double bedrooms, including a lovely en-suite bedroom, plus a second full bathroom. Both bedrooms are designed to be comfortable, practical spaces rather than simply somewhere to put a suitcase. The property is lined with large windows and balconies on each room giving a great amount of natural light.
And then there’s the location.
Walk outside and you're just two blocks from the Torres de Serranos, with the old town, Turia Gardens, cafés, restaurants and everything that makes Valencia Valencia right on your doorstep. You're close enough to walk everywhere, but the apartment itself sits in a quiet residential building, giving you a little breathing room from the bustle of the city.
A great fit for someone who wants to experience Valencia from the heart of the city — without giving up the feeling of having a proper home to come back to.
Further Exploration
If you liked this then of course there is much much more Valencia Property goodness to dive into at the following links. Start at the hub page and go from there. If you have a question about Valencia and Valencia Property then the likelihood is that we have answered it on these pages, in the podcast or on the main page but if you can't find it then feel free to shoot us an email with your question and we will get back to you. Otherwise just click on the titles or images below to read or listen to more.
The Valencia Property Hub Page
How We Choose What To List at Valencia Property
Valencia Property Publications
Designs on Valencia 400K
Over on the Blog we recently wrote about interesting constructions in Valencia and today we bring you this excellent apartment in a wonderful Art Deco building, designed by one of Valencias pioneers, and after several minutes of investigation and research I have neatly resumed his work. (To read the whole description and see more photos take a look here)
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