Completing Property Purchase Spain: The Escritura

This guide is for foreign buyers reaching the final step of buying on the Costa del Sol. You will learn what happens on completion day, what the notary does, and how you get the keys. By the end, you will know exactly how to finish safely, even from abroad.

Quick summary: Completion is the day you sign the escritura (title deed) at the notary, pay the balance and take the keys. For a new development, completion happens once the Licence of First Occupation is granted, and you pay the remaining 60% to 80% balance (about 350.000 euros on a 500.000 euros home) after your staged, bank-guaranteed build payments. For a resale you pay about 90% on the day. The notary is neutral, so you still need your own independent lawyer. You do not have to fly to Spain: with a power of attorney your lawyer can sign for you. Watch out for fake "new bank details" emails in completion week.

The numbers that matter:

• 60% to 80% balance due at a new-build completion (about 350.000 euros on 500.000).
• Under 1 hour for the signing itself.
• 30 days to pay the purchase tax.
• 0 trips needed with a power of attorney.

What you will learn

• What completion day is
• What the notary does (and does not do)
• What happens on the day, step by step
• How you pay the balance
• New-build completion is different
• The key handover: what to collect
• What to do in the first 30 days
• Risks and how to stay safe

What completion day is

Completion is the final step. You sign the escritura (the public title deed) in front of a notary, pay the rest of the price, and get the keys. From that moment, the home is legally yours.

For a new development, completion is triggered when the town hall grants the Licence of First Occupation at the end of the build. By then you have already paid your staged, bank-guaranteed instalments (about 20% to 40% of the price, often around 30%), so on the day you pay the remaining 60% to 80% balance. For a resale, completion usually happens about 4 to 8 weeks after you sign the contrato de arras, and you pay the remaining 90%. Either way, the gap gives your lawyer time to finish the checks and your bank time to prepare the funds.

You do not have to be in Spain for this. If you cannot travel, your lawyer signs for you with a power of attorney (a document that lets your lawyer act for you). Many foreign buyers complete from home this way.

The escritura is the most important document in the whole purchase. It proves you own the home. Keep it safe.

What the notary does (and does not do)

This part confuses many buyers. The notary (notario) is a public official, paid by the state. The notary is neutral. They do not work for you, and they do not work for the seller.

What the notary does

• Reads the deed aloud and checks the identities of both sides
• Confirms the property can legally be sold
• Confirms the money is there and the deed is correct
• Stamps the deed and sends notice to the Land Registry

What the notary does not do

• Protect your interests - that is your lawyer's job
• Check for hidden debts or planning problems for you - your lawyer does that before the day

So you still need your own independent lawyer. The notary makes the act official. Your lawyer makes sure the deal is safe for you.

Bonus tip: In Spain, the buyer can usually choose the notary. Your lawyer will arrange a good one. Notary fees are set by law - budget about 0.5% to 1% of the price.

What happens on the day, step by step

Completion day follows a clear pattern. Here is what to expect:

1. Everyone meets. At the notary's office: you (or your lawyer), the seller, both lawyers, and often the agent.
2. The notary reads the escritura. Aloud, explaining the clauses. You can ask questions at any time.
3. You confirm the details. Names, property description, price, and that there are no debts left on the home.
4. You pay the balance. The rest of the price, plus the seller hands over what is owed.
5. Both sides sign. The notary witnesses and stamps the deed.
6. The seller hands you the keys. The home is now yours.
7. The notary sends notice. To the Land Registry, and gives you a certified copy of the deed.

The whole signing usually takes under an hour. The hard work was done before, by your lawyer.

Real example. You complete on a 500.000 euros new-build. Your lawyer has already checked the licence and the debts. At the notary, you pay the balance, sign the escritura, and walk out with the keys. If you used a power of attorney, your lawyer does all of this and couriers the keys to you.

Bonus tip: Book your notary slot early. In summer and at year-end, notary diaries fill up fast. A late slot can push your whole completion back.

How you pay the balance

You pay the rest of the price on the day, in a safe way. How much "the rest" is depends on what you bought. For a new development it is the 60% to 80% balance that remains after your staged build payments - about 350.000 euros on a 500.000 euros home. For a resale it is about 90% - around 450.000 euros - because you only paid a 10% arras. The two common methods are the same for both:

• A banker's draft (a guaranteed cheque from a Spanish bank). The seller or developer gets paid for sure, and you keep control until you sign.
• An instant bank transfer that clears on the day.

Cash is not used for the price. Spanish anti-money-laundering rules require traceable payment. Your lawyer arranges the right method.

If you are sending money from another currency - pounds, krona, zloty, or anything outside the euro - plan ahead. The exchange rate can move between contract and completion.

Warning: Currency risk is real. On a 500.000 euros purchase, a small move in the rate can change your cost by thousands. A currency broker can lock in a rate so the price you agreed is the price you pay. Do not leave this to chance on completion week.

New-build completion: the Licence of First Occupation

Completing a new development has two extra documents that a resale does not. Your lawyer must confirm them before you complete:

• The certificado final de obra (the building completion certificate). This proves the building was finished to the plans.
• The licencia de primera ocupación (the Licence of First Occupation, or LFO). The town hall issues it at the end of the build. It confirms the home is legal to live in, it is what triggers your completion, and you need it to set up water and electricity.

This is important: a developer cannot force you to complete without the Licence of First Occupation. If it is missing, do not sign.

Also check for the bank guarantee on the money you paid during the build. By law (Law 57/1968, Ley 20/2015), your staged payments must be protected until completion.

Real example. On a 500.000 euros off-plan new development, you have already paid a reservation fee and staged instalments during the build - around 30% in total, about 150.000 euros, every euro bank-guaranteed. Once the LFO is granted, your lawyer confirms three things are in place, then you pay the 60% to 80% balance and take the keys:

• Already paid: about 150.000 euros staged during the build (around 30%, bank-guaranteed)
• Due now at the notary: about 350.000 euros balance (around 70%)
• Required first: the LFO issued, the completion certificate in place, and the earlier payments guaranteed

A resale is simpler: there is no LFO and no staged build, so you simply pay the remaining 90% (about 450.000 euros) at the notary.

At Spain Developments, we check the LFO, the completion certificate and the bank guarantee on every new-build, so you never complete on a home that is not legal and ready. We are an independent buyer's agent, the developer pays our fee, and you pay no buyer fee. Feel free to contact us if you want this checked for you.

The key handover: what to collect

The keys are handed over right after signing. Do not rush this part. Collect everything and check it against a written list:

• All main door keys (every copy).
• Garage or parking remote.
• Storage room (trastero) key.
• Mailbox key.
• Community door keys and codes (gate, pool, gym).
• Alarm codes or fobs.
• For new-build: warranty papers and manuals for heating, aircon and any smart systems.

Ask the seller or developer to sign a simple inventory of what you received. For resale homes, it is wise to change the main locks after completion. You cannot know how many copies exist.

Bonus tip: For new-build, do a snagging check. You have time after handover to report faults you find - small finishing issues the developer should fix. Write them down and send them in fast.

What to do in the first 30 days

A few tasks must happen soon after you get the keys. Your lawyer or a gestor (an admin agent) can do most of them:

• Pay the purchase tax within 30 days. New-build: 10% IVA (VAT) is paid to the developer at completion, plus about 1.2% AJD (stamp duty). Resale: 7% ITP (transfer tax).
• Register the deed at the Land Registry, so your name is on record as owner.
• Switch the utilities (water, electricity, internet) into your name.
• Tell the community of owners you are the new owner.
• Set up home insurance from the day you get the keys.
• Register on the padrón at the town hall, if you plan to live there.

Real example. Here is the main tax due soon after completion on a 500.000 euros home, depending on type. Keep this money ready - it is part of the 12% to 14% extra costs, not a surprise:

New-build

1.2% AJD (stamp duty), due around completion: 6.000 euros.

Resale

7% ITP (transfer tax), due within 30 days: 35.000 euros.

Risks and how to stay safe

Be honest about what can go wrong, and plan for it:

• No Licence of First Occupation (new-build). Never complete a new development without it. The developer cannot force you, and it is what triggers your balance payment.
• Bank guarantee not honoured (new-build). Confirm the staged payments you made during the build are credited at completion. Your lawyer checks this against the guarantee.
• Hidden debts (resale). Ask for a certificate from the community of owners showing zero debt, plus proof the IBI (local property tax) and utilities are paid. Your lawyer checks this.
• Money sent to the wrong account. Pay only into the account confirmed by your lawyer. Beware fake "updated bank details" emails - a known scam.
• Currency loss. Lock your rate with a broker before completion week.
• Missing keys or access codes. Get a signed inventory. Change resale locks.
• Property not as agreed. Do a final walk-through (a snagging check on a new-build) before you sign. If something is wrong, you can hold back funds or refuse to complete until it is fixed.

Danger: A common fraud targets completion week. Someone emails you "new" bank details for the payment. Always confirm the account by phone with your lawyer, using a number you already trust. Never act on bank details from an email alone.

Want your completion managed end to end? We handle the notary, the licences, the zero-debt checks and the key handover, even when you cannot fly, all with no buyer fee. Feel free to talk to Spain Developments.

Conclusion

Completion is the day your purchase becomes real: sign the escritura, pay the balance, take the keys. For a new development, completion follows the Licence of First Occupation, and you pay the remaining 60% to 80% balance (about 350.000 euros on a 500.000 euros home) on top of your staged, bank-guaranteed build payments. For a resale you pay about 90% on the day. Use your own independent lawyer, confirm the licences and the bank guarantee, and pay only into the account you have verified. On a 500.000 euros home, careful completion turns months of work into a safe, owned home. At Spain Developments, we manage your completion end to end, even from abroad, with no buyer fee. When you are ready, feel free to contact us.