STEP 6
Completion time
Once the bank has received the valuation, and if the valuation of the property comes in either at or over the purchase price, the bank will produce a document called the “FEIN” (Ficha Europea de Informacion Normalizada). Upon approval from the client, this document is sent to the notary through a dedicated online platform. If everything is correct, the notary approves the FEIN and from this point in time there is 10 days cooling off period (this timeframe can vary from region to region and in some regions the period is 15 days). Before completion, the client has to arrange a meeting with the notary during which the notary will explain the details of the mortgage. After the explanations, the client will be asked by the notary to take a small test to ensure that everything has been understood.
Provided we do not encounter any unexpected delays or set-backs, the whole process usually takes between
6-8 weeks to finalise from the moment we have received all the necessary documentation from the client.