Investment approach
Completion day at the notary: how the escritura is signed
Signing the escritura pública is more than a formality: the notary checks the documents, officially records the transfer of ownership and notifies the Land Registry the same day.
On completion day the parties sign the escritura pública before a notary, the buyer pays the seller, and the notary checks the documents and records the transfer of ownership. The notary usually sends a preliminary notice to the Registro de la Propiedad (Land Registry) the same day. Taxes and payments must be agreed by then: they are not sorted out on the spot.
The notary does more than witness a signature
In the Spanish system the notary is an independent public official. Before the escritura pública is signed, the notary must check the nota simple registral in real time, the identity of the parties (including their NIE), the authority of anyone acting under a power of attorney, and that there are no obvious obstacles to the deal. In common-law countries this kind of check is more often handled by a separate lawyer or a title insurer.
How the signing works
The parties sign the escritura in the notary's presence, either in person or through representatives under a poder notarial. The final payment is made at the same time, usually by banker's draft (cheque bancario) or a confirmed transfer. The notary reads the main terms of the deed aloud, the parties confirm their agreement, the deed is signed and given its notarial reference number.
What happens straight after
The preliminary notice, which the notary usually sends to the Registro de la Propiedad promptly on the day of signing, secures the deal's place in the registry. Full registration follows later. The signed original (the matriz) stays in the notary's records. The buyer receives a simple copy (copia simple) the same day; the authorised copy that serves as the buyer's original (copia autorizada) is usually collected later through the gestoría, once the tax has been paid and the purchase registered.
What to prepare in advance
Before completion day, agree everything that involves money: the taxes, meaning ITP or, for a new-build home, IVA (VAT) plus AJD (stamp duty); the 3% withholding if the seller is a non-resident; and payment of the gestoría and the notary's fee. Trying to settle these on the day is too late. What happens to the paperwork after signing is covered in detail in our article on registering ownership.
Questions and answers
How long does the signing itself take?
Usually 20 to 60 minutes. It takes longer when the deal is complex, there are many parties, or there is a mortgage and a bank representative has to attend.
Can the terms of the deal be changed on the day of signing?
Formally yes, if both parties agree. In practice it means risk and delay, so the material terms are agreed beforehand and the escritura simply records what has already been settled.