What are the typical stages from mortgage approval to property completion?

Once your Spanish mortgage is approved for a Costa del Sol property, the process moves into a critical phase involving several sequential steps to ensure a smooth completion. Initially, you'll receive a binding offer from the bank, detailing all terms, conditions, and repayment schedules. This offer typically has a validity period during which you must accept it. Concurrently, your chosen legal representative (lawyer) will perform thorough due diligence on the property to verify its legal status, ensure there are no outstanding debts or encumbrances, and confirm all necessary permits are in order. This includes reviewing the property's registro de la propiedad (Land Registry) and cadastral records. Next, you will need to open a Spanish bank account if you haven't already, as all mortgage payments and associated fees will be handled through this account. The bank will often require you to arrange for a property valuation (tasación) through an approved appraiser, which determines the official value for loan-to-value (LTV) calculations and is a mandatory step before signing the mortgage deed. With the valuation complete and legal checks cleared, a date is set for the signing of the public deed of sale and the mortgage deed (escritura pública) before a Notary Public. This is a formal legal ceremony where you, the seller, and bank representatives sign the documents, witnessed by the Notary, who ensures legal compliance and registers the transaction. The Notary also oversees the transfer of funds, including the mortgage disbursement to the seller. Finally, after signing, your lawyer will handle the registration of the property and the mortgage in the Spanish Land Registry, which can take several weeks or months. During this period, relevant taxes, such as Transfer Tax (ITP) for resale properties or VAT and Stamp Duty for new builds, must also be paid. Your lawyer will manage this entire post-completion process to ensure all legal and fiscal obligations are met, providing you with the registered deeds once complete, thereby making you the official legal owner.