Buying a second home—whether as a holiday retreat or an investment—becomes far less stressful when you follow a clear, practical roadmap. This guide walks you through the key steps, the paperwork to collect, and the clauses that protect you from surprises, from first viewing to the
notary’s desk.
Start smart: preparation that gives you leverage
– Who: prospective buyers and investors. – What: verify your financing and the property’s legal status before making any binding commitments. – When and where: during viewings and in communications with your bank and the land registry. – Why: early checks save time, reduce risk and strengthen your negotiating position.
Practical actions
– Set a realistic budget and
get a mortgage pre-approval or a written financing comfort letter. That makes your offer credible and narrows wasted effort. – At viewings, ask for Essential documents right away: the energy performance certificate (EPC), land-registry extract, floor plan and deed of origin. These reveal planning issues, irregular works and ownership mismatches. – If paperwork raises questions, commission targeted surveys (structural, damp, etc.) before you sign anything binding.
Turning intent into a binding offer
– Who: buyer and seller. – What: a written offer that fixes price, payment terms and any conditions precedent (for example, financing). – Why: to set clear expectations and protect both parties.
Key elements of a solid offer
– State the exact price and the precise funding amount. Avoid vague phrases like “subject to financing.” – Specify the payment method: bank transfer, escrow account or bank guarantee. – Spell out suspensive clauses in concrete terms: the exact loan amount you’re seeking and a fixed timeframe to obtain it. Narrow, time-limited financing conditions are far more persuasive to sellers than open-ended ones. – Include deadlines for signing the preliminary contract and attach documentary proof of financing (pre-approval letter or proof of funds).
Deposits and remedies
– Earnest deposit vs advance payment: name which you’re offering and the consequences of withdrawal. – If the buyer withdraws without a lawful reason, they usually forfeit the deposit. If the seller pulls out, they may be required to return it or even pay a penalty in some jurisdictions. – Use clear clauses on forfeiture, escrow arrangements and remedies to reduce disputes.
From preliminary agreement to closing: the due-diligence stage
– Who: buyer, seller and professionals (notary, lawyer, tax advisor, and often the real estate agent and the lender). – What: registration, transcription where relevant, title checks, searches for mortgages or seizures, and tax reconciliation. – Where: tax offices, public property registers and the notary’s office. – Why: to expose any encumbrances, confirm tax treatment and finalise closing costs.
What to expect
– The preliminary contract is generally registered with the tax authority and may be transcribed in property registers to block intervening charges. – Professionals verify title continuity, outstanding liens and cadastral records. Lenders typically order a valuation to confirm the market value for the loan. – Incomplete paperwork, unresolved liens or discrepancies in the cadastral data are common causes of postponements. Lenders can withhold funds if the valuation significantly differs from the agreed price.
Final preparations for the signing day
– Who: buyer, seller and notary (plus any advisors). – What: presentation of IDs and original documents, settlement of remaining funds, and signing the notarial deed. – Where: usually the notary’s office. – Why: to transfer ownership and close fiscal and contractual obligations.
Checklist for closing day
– Bring valid identification, original title documents and the balance of funds. – Confirm tax implications beforehand—private sales and developer sales can attract different tax rates, VAT treatments or reliefs (for primary residences or high-energy-performance properties). Consult a tax adviser if uncertain.
Start smart: preparation that gives you leverage
– Who: prospective buyers and investors. – What: verify your financing and the property’s legal status before making any binding commitments. – When and where: during viewings and in communications with your bank and the land registry. – Why: early checks save time, reduce risk and strengthen your negotiating position.0