The Law

Since Spain is a member of the EU, some legal rules are changed or EU-Right is legal. The capital market is since 1992 nearly completely liberalized and the import of money is no problem. The Canary Islands have in Europe a special status and are theoretic a Free Trade Area. There is no value-added tax, but a special canary tax which is only a part of the tax rate in Spain.

The Purchase Contract as private written contract. The spanish law says, that every contract is legally binding when for the contract important things are given. The spanish law says, that the NOTARY is only a security subject for Sale / Purchase property. So Sale and Purchase is also legally binding without the help of a lawer or notary. The Owner can also change without any written contract - by word of mouth is enough. Are all things legal and a legally binding contract is given (called Titulo), so the subject have only to move over (called Modo) (Article 1462 / 1Cc). This means, that the property will change it´s owner, when for example the key is delivered or in any other way right of disposal is given.

The Escritura in Spain is not the same like Purchase Contract at a notary for example in Germany.
So all things like cash flow must be done, before Escritura is done. Escritura (public record) is the last step of Sale / Purchase.