The Arras is a crucial step in any property purchase in Spain. It serves as a legally binding contract between the buyer and the seller, outlining the terms and conditions of the transaction. In order for the Arras to be valid, the buyer must transfer 10% of the purchase price as a deposit, which is held in escrow until the completion of the sale. Furthermore, the buyer must provide proof of this transfer to the acting agent, as required by Spanish law to prevent money laundering.
To ensure a smooth and timely closing, we advise transferring the funds for the property purchase into the notary’s account a few days prior to the signing date. It’s also important to transfer the utilities to your name at least 3 days before the signing. Our team will guide you through these steps and ensure that all requirements are met in time for a successful and stress-free transaction.
At International Home Investments, we prioritise our clients’ financial interests when it comes to property purchases. As part of our service, we advise foreign buyers to follow the currency exchange rates and transfer their funds at the most favourable time.
Additionally, we provide a secure public Notaries account, to ensure the safety of our clients’ money until the transaction is complete. Potentially saving them thousands of euros. We take pride in providing expert guidance and support throughout the buying process to ensure our clients make informed financial decisions.
