Spanish Mortgages: Contracts and Documents

Embarking on your property journey in Spain? Here's a comprehensive guide to the essential contracts and documents involved in securing a mortgage for your property purchase.

📝 1. Reservation Contract

(Contrato de Reserva)

When Signed: At the beginning to reserve the property.
Purpose: Takes the property off the market while due diligence is conducted.
Deposit: Typically between €3,000–€6,000.
Binding: Not legally binding, but morally persuasive.

✍️ 2. Private Purchase Contract

(Contrato Privado de Compraventa)

When Signed: Usually within 2–4 weeks of reservation.
Parties: Buyer and seller.
Contents: Agreed price, Payment terms, Completion date, Penalty clauses.
Deposit: Usually 10% of the purchase price.
Binding: Legally binding. If the buyer withdraws, the deposit is lost; if the seller withdraws, they must return double the deposit.

📄 3. Mortgage Offer Docs

(Pre-Contract Documentation)

When Issued: After bank approval.
Key Docs: FEIN (offer), FiAE (risks), Amortization Schedule.
Legal Requirement: The borrower must receive and review these documents at least 10 days before signing the mortgage.

🧑‍⚖️ 4. Notarial Certificate

(Acta Notarial)

When Signed: 1–3 days before signing the mortgage deed.
Purpose: Ensures the borrower understands the terms of the mortgage.
Location: The notary's office.
Cost: Paid by the bank (as per law).
Mandatory: Yes, under Spanish law since 2019.

🏦 5. Mortgage Deed

(Escritura de Préstamo Hipotecario)

When Signed: On the day of completion, at the notary.
Parties: Buyer and bank.
Signed Before: The notary, immediately before or together with the purchase deed.

🏡 6. Purchase Deed

(Escritura Pública de Compraventa)

When Signed: On completion day.
Parties: Buyer and seller.
Location: The notary's office.
Purpose: Legal transfer of ownership.
After Signing: Property transferred, buyer receives keys, deed is registered.

✅ Summary of Contracts and Documents

Stage	Document	Mandatory	Signed By
Reservation	Reservation Contract	❌ (but common)	Buyer & Seller
Pre-sale	Private Purchase Contract	✅	Buyer & Seller
Mortgage Approval	FEIN, FiAE, etc.	✅	Issued by Bank
Legal Check	Notarial Certificate (Acta Notarial)	✅	Buyer at Notary
Completion (Mortgage)	Mortgage Deed (Escritura Hipotecaria)	✅	Buyer & Bank (at Notary)
Completion (Sale)	Purchase Deed (Escritura de Compraventa)	✅	Buyer & Seller (at Notary)

Ready to secure your Spanish property? 🌟