If you are planning to buy a property in Spain, the following payment terms will usually apply.
The down payment (also known as the deposit) is usually 10% of the agreed purchase price for second hand properties. For new build properties, the down payment (also called the booking fee) is normally between €3,000 and €6,000.
The remainder of the agreed purchase price is paid as part of the take-over process. At that time, the property deed is transferred to the buyer at the office of a Public Notary (the official in charge of preparing all title registry documents in Spain). At that point, your Spanish property ownership dream becomes reality!