Payment, Bank Draft & Completion
Auriga Realty – Spain Buyer’s Guide
1. How payment is made in Spain
Final payment is always made at completion before a notary, when ownership transfers, the deed is signed and keys are handed over.
Payment must be:
fully traceable
legally compliant
accepted by both bank and notary
Therefore, bank drafts (cheque bancario) or notary-coordinated transfers are used.
2. What is a bank draft?
A bank draft is issued directly by the bank, with funds reserved in advance on the buyer’s account. It is not a personal cheque.
This ensures:
guaranteed payment for the seller
smooth notarisation
full buyer control
The draft is physically handed to the seller at the notary.
3. How to obtain a bank draft
A Spanish bank account is required.
Typical process:
Buyer contacts bank 1–3 banking days before completion
Bank requires:
notary details and completion date
purchase price
exact seller name
Funds are reserved
Draft is issued
Draft is brought to the notary
Auriga coordinates the process with lawyers and banks.
4. Cost of a bank draft
Typically:
0.3–0.5% of amount, often with a minimum fee.
However, many banks offer reduced fees (sometimes 100–200 EUR) when additional services are used.
Auriga recommends treating this as a negotiable cost.
5. Alternative: bank transfer
In some cases (large transactions or international financing), a bank transfer may be used, always coordinated with the notary and lawyer.
6. Important payment considerations
Cash payments are not allowed
All payments must be traceable
Exact recipient name is critical
Banks must be notified in advance
Auriga ensures payment is never a source of uncertainty.
7. Completion and aftercare
After completion:
keys are handed over
ownership is registered
utilities and community fees are transferred
tax adjustments are handled
Auriga remains available after completion for renovation, furnishing, rental or management support.
Auriga Principle
Payment should be as secure as the home you purchase.
It is therefore planned in advance, documented correctly and executed without surprises.
