Steps to buy a second-hand flat: from offer to keys

Buying a second-hand flat follows a fairly fixed path: offer, deposit agreement, mortgage, valuation, notary and deed, registry and, finally, keys. Each step has its timing and its responsible party, and the whole thing usually takes one to three months from when your offer is accepted. Knowing what comes next avoids shocks and last-minute surprises.

The process looks like a maze the first time, but it is orderly. If you understand each phase, who executes it and how long it takes, you stop being dragged along and start controlling your timings. This is the map from offer to keys.

Step 1: the accepted offer

It all starts when the seller accepts your price and conditions. A well-made offer (in writing, with financing and inspection conditions) makes the difference between an orderly process and chaos. How to build it is in how to make an offer on a flat. Before getting here, you should have reviewed the flat and the area; revisit what to check before buying a flat.

Step 2: the deposit agreement

Once the offer is accepted, the deposit agreement (contrato de arras) is signed, formalising the commitment. You hand over a deposit (typically between 5% and 10% of the price) and the price, completion deadline and what happens if someone pulls out are set. It is a delicate moment: the type of deposit defines penalties. Read it carefully in the deposit agreement: types and which to sign.

• Who does it. Buyer and seller, ideally with a lawyer or agent advising.
• Typical timing. Within days or weeks of accepting the offer.

Step 3: the mortgage

If you buy with financing, this is the step that sets the pace. You apply for the mortgage, the bank assesses your solvency and, if all goes well, makes you a binding offer. Get pre-approval before signing the deposit agreement, so you do not commit to a deadline the bank cannot meet. Which type to choose is developed in fixed, variable or mixed mortgage.

• Who does it. You with your bank or a mortgage broker.
• Typical timing. Two to six weeks, depending on the bank and your paperwork.

Step 4: the valuation

The bank does not lend on the price you pay, but on the valuation amount. An approved valuer visits the flat and issues a report. If the valuation comes below the agreed price, the bank lends less and you have to put up more cash or renegotiate. That is why buying at market price matters so much; see how to negotiate the price.

• Who does it. An approved valuation company, usually paid by the buyer.
• Typical timing. One or two weeks from when it is requested.

Step 5: pre-signing checks

Before the notary you should tie up the legal loose ends: that the property record is clear of charges, that the building inspection is in order, that there are no hidden levies and that the seller is up to date with community fees and council tax. All of this in property record, charges, building inspection and levies. What you do not catch here, you inherit.

Step 6: the notary and the deed

This is the big day. At the notary the public deed of sale (and the mortgage deed, if any) is signed, the remaining price is paid and the keys are handed over. The notary attests to the act and verifies the identity and capacity of the parties. Have everything reviewed: what you sign there is final.

• Who does it. Buyer, seller, the notary and, if there is a mortgage, the bank.
• What is paid. The rest of the price, the taxes (transfer tax, which varies by region), the notary and the agency.

Step 7: taxes, registry and aftermath

After signing, the final formalities remain. Taxes are settled (the transfer tax on second-hand flats varies by region), the deed is registered at the Land Registry and utilities are changed to your name. Registration protects your ownership against third parties. The cost breakdown is in costs of buying a second-hand flat, and what to do next in what to do after buying a flat.

• Who does it. Usually the agency handles taxes and registry; you handle the utilities.
• Typical timing. The registry can take several weeks to complete the registration.

How long does it all take from start to finish?

From when your offer is accepted to having the keys, the usual range is one to three months. The mortgage and valuation are the steps that stretch the process most; if you pay cash, it can shrink to a few weeks. Align the deposit agreement deadlines with the bank's so you do not run out of margin.

Who does what, in one sentence

• You. Offer, negotiate, apply for the mortgage, review the flat and sign.
• The bank. Assesses your solvency, orders the valuation and lends.
• The notary. Attests to the deed and checks the legality of the act.
• The agency. Settles taxes and registers the deed.
• The lawyer or adviser (optional but recommended). Reviews the deposit agreement, charges and contract.

Pancho is with you in the phases where your money is most at stake: it analyses the listing so you do not fall for red flags, evaluates the area so you offer at a fair price, and inspects the flat so you reach the deposit agreement knowing what to fix and what it costs. It is not your notary or your lawyer, but you reach each step with your homework done. Start with the listing before taking the first step.