Completion Day: A Step-by-Step Guide to Property Ownership

The culmination of your property purchase journey is the completion day—the day you officially become the proud owner of your new property. This pivotal day involves a coordinated effort between the buyer, seller, legal representatives, and the notary office. Let’s walk through the key steps:

1. In the Same Room:

  • Buyer and Seller Presence: On completion day, the buyer and seller, or their legal representatives if a power of attorney is in place, gather in the same room. This sets the stage for the finalisation of the property transaction.

2. Notary Office Staff Review:

  • Document Verification: The notary office staff meticulously reviews all the paperwork associated with the property transaction. This step ensures that all documents are in order and compliant with legal requirements.

3. Notary’s Final Check:

  • Last-Minute Verification: Just before the final signing, the notary steps in to conduct a comprehensive review of all the paperwork. This last-minute check is crucial to confirm the accuracy and completeness of the documents.

4. Verbal Translation:

  • Paperwork in Spanish: While the documents are in Spanish, you are entitled to a verbal translation in your own language. A translator will come in and provide a detailed explanation of the contract, ensuring that you fully understand the terms before proceeding.
  • Understanding the Contract: The translator will go through the contract, highlighting key details such as the parties involved (e.g., Mrs. A and Mr. B buying from Mr. C and Mrs. D). This step is essential for clarity and transparency.

5. Notary’s Involvement:

  • Signing the Paperwork: Once the translation is complete and you have a clear understanding of the contract, the notary officially steps in. All relevant paperwork is signed, finalising the legal aspects of the property transfer.
  • Financial Transactions: Any financial transactions, such as passing over checks or bank drafts, are handled during this phase. This ensures a smooth and secure exchange of funds between the parties involved.

6. Key Handover:

  • Symbolic Gesture: As a symbolic gesture, the keys to the property are handed over. This moment marks the official transfer of ownership, and you can now step into your new home with confidence.

7. Conclusion of the Transaction:

  • Completion: With all the paperwork signed, financial transactions completed, and keys in hand, the property transaction is officially concluded. This marks the successful completion of the buying process.

8. Final Note:

  • Celebrating Ownership: Completion day is not just a formality; it’s a celebration of your new property ownership. It signifies the successful navigation through the various stages of the property purchase journey.

9. Recap:

  • Coordination and Cooperation: Completion day involves meticulous coordination and cooperation between the buyer, seller, legal representatives, and the notary office. This collaborative effort ensures a seamless and legally sound property transfer.

In conclusion, completion day is the culmination of your property purchase journey, marked by the signing of paperwork, financial transactions, and the symbolic handover of keys. The presence of legal representatives and the notary’s thorough checks provide confidence in the legality and transparency of the transaction. As you step into your new property, take a moment to celebrate this significant achievement in your real estate venture.

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