• Due diligence report

This usually includes title search, charges, third-party rights, administrative licenses, permits and planning. Depending on the specific asset, a technical or environmental report is also usually requested by the purchaser.

• Purchase agreement

The purchase agreement contains the main terms of the transaction (transfer of ownership over the property takes place with the granting of the transfer deed, which is usually subject to the fulfillment of certain conditions or events). The purchase agreement is sometimes replaced by an option to purchase, granting the beneficiary the right to proceed with the purchase of the property within an agreed period of time.

• Transfer deed to be executed before a notary public

• Title and charges
• Third-party rights
• Full payment of taxes and expenses regarding the property
• Administrative licenses and permits (works, first occupation, etc.)
• Planning and (if applicable) environmental condition of the property

The parties are legally bound to purchase and sale, respectively, with the execution of the sale and purchase agreement (or, if the agreement is subject to conditions, upon the fulfillment of the conditions).

Title is transferred when the transfer deed is granted.

The buyer usually pays for the following:

• Transfer Tax or VAT, and stamp duty
• Notary and registry fees
• Agent’s fees
• Due diligence costs

The seller usually pays for the following:

• Taxes accruing on the sale of the asset
• The seller’s due diligence costs (if applicable)