Buying Guide · 14 min read
Buying New Build in Spain: The Complete Timeline from Reservation to Keys
10 June 2026 · Hansson & Hertzell
How long does it take to buy a new build property in Spain, and what happens at each stage? From reservation deposit to completion day, here is every step — with what you pay, what your lawyer checks, and when you can move in.
Buying new build in Spain is a staged process spread over the construction period. Unlike a UK resale purchase (where exchange to completion can be 8–12 weeks), a Spanish new build purchase runs from reservation through to completion over 12–24 months of construction, plus the legal and financial preparation stages before exchange.
Here is each stage in sequence.
Stage 1 — Reservation (Reserva): Day 1
What happens: You identify a specific property (unit number, floor, aspect) and pay a reservation deposit to secure it. The reservation agreement (contrato de reserva) freezes the price and removes the unit from the market for a defined period — typically 14–30 days — while your lawyer reviews the documentation.
How much: €3,000–10,000 depending on developer and property price. This is fully refundable if you decide not to proceed after reviewing documentation, or if the developer's paperwork has issues.
Your lawyer's job at this stage: Verify the developer's identity and legal standing, check planning permission status, review the reservation agreement terms, and confirm that a stage payment guarantee mechanism is in place.
What to avoid: Signing a reservation agreement without your lawyer having reviewed it first. Some agents push for same-day signing — don't.
Stage 2 — Exchange (Contrato Privado de Compraventa): Weeks 3–6
What happens: The private purchase contract is signed by both parties. This is the legally binding exchange — the price, payment schedule, specification, and completion date are fixed here. Neither party can walk away without financial consequences after this point.
How much: Typically 10% of the purchase price at exchange (minus the reservation deposit already paid). On a €200,000 property: approximately €17,000–18,000 at exchange.
Stage payment guarantee: At exchange — and at every subsequent stage payment — the developer must hand over a bank or insurance guarantee covering your payment. Keep every guarantee document safe. These are your insurance if the developer defaults.
Your lawyer's job: Verify all disclosure requirements are met, check the technical specification matches what you were sold, review the penalty clauses for developer delay, and register a cautionary note (nota cautelar) on the land registry to protect your interest.
Stage 3 — Construction Stage Payments: Months 3–18
What happens: As construction progresses, the developer calls further stage payments — typically tied to construction milestones (foundations, structure, roof, fit-out). These vary by developer but commonly look like:
- Foundation/structure complete: 10% of purchase price
- Building envelope/roof: 10%
- Total during construction: 20–30% in addition to the exchange payment
Guarantee requirement: Each payment must be covered by a bank/insurance guarantee at the point of payment.
Practical tip: Visit the development regularly during construction. Your lawyer can accompany you or help you engage a local snagging surveyor for a mid-build check.
Stage 4 — Practical Completion Notice: Months 16–24
What happens: The developer notifies you that the property is complete and ready for the final inspection (snag list). You have the right to inspect the property before completing and to require the developer to rectify defects before handover.
Critical: Do not waive your right to inspect. Engage a professional snagging company or independent surveyor. A typical new build in Spain will have 20–60 snag items ranging from cosmetic (paint, seals) to functional (doors, appliances, drainage). All should be addressed before you sign completion.
Timeline: Snagging inspection → developer snagging period (typically 2–4 weeks) → reinspection → completion appointment booking.
Stage 5 — Completion (Escritura de Compraventa): The Final Day
What happens: You attend (in person or via power of attorney) the Notaría for the formal completion. The public deed (escritura) is signed by both buyer and developer in front of a notary. The balance payment is made at this point (typically by bank transfer or banker's draft arranged in advance).
How much at completion:
- Balance of purchase price (typically 60–70% of total)
- 10% IVA (VAT) — added on top of the purchase price
- Your solicitor's fee (typically 1–1.5% of purchase price)
- Notary fee (~€800–1,500)
- Land registry fee (~€400–800, now paid by developer post-Housing Law)
- Any mortgage arrangement costs (if financing)
What you receive: Keys, and the original signed escritura. The developer must provide: habitation certificate (licencia de primera ocupación), energy performance certificate (EPC), building warranty documentation (garantía decenal), and utilities connection confirmation.
Stage 6 — Post-Completion: First 30 Days
Register at the land registry: Your lawyer submits the escritura for registration in your name. Takes 4–8 weeks; you'll receive the registered deed by post.
Connect utilities: Water and electricity may be connected by the developer; some require you to take out your own supply contracts. Your lawyer or gestor handles this.
Municipal registration (padrón): If living in Spain, register at the local ayuntamiento within 30 days. Required for residency, school enrolment, and access to some local services.
Bank account: You'll need a Spanish bank account for direct debit payment of utilities, IBI, and community charges. Open this before completion — ideally before exchange.
Community of owners: You're now a member of the comunidad de propietarios. The community holds its constituting meeting within 3–6 months of the first occupations. You'll receive community fee demands from this date.
