From offer to keys, step by step.
Nine stages, sixty-two days median — what happens, who signs it and what it costs at each one.
- 38Cities
- 24 128Listings
- 1 940Agents
The whole runnine stages · 62 days median
Sixty-two days from accepted offer to keys.
- 62Days, median
- 1 in 6Do not complete
- Stage 05Where most fail
Share of deals that fail here You sign this one Median timings from 2 418 completed purchases, four countries.
Stage by stagewho signs, what it costs, how long
Nine stages, in order.
Six of the nine are waiting on somebody else. Those are the ones worth chasing.
| Stage | Who decides | Days | Cost | Waiting on | Details |
|---|---|---|---|---|---|
| 01 Pre-approval | Lender | 3 | €0 | Lender | |
|
What happens A soft check on income and existing debt gives you a ceiling and a letter. It is not binding on either side, but no agent in the register will take an offer seriously without one. Do first Do this before you view anything. Half the offers that collapse were made by buyers who had never checked their own ceiling. Bring with you
If it goes wrong Nothing is lost — a refusal at this stage costs you nothing but tells you the ceiling is lower than you hoped. |
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| 02 Offer accepted | You & seller | 1—14 | €0 | Seller | |
|
What happens You make an offer through the listing agent. In the register every file already carries its deed, permits and measured area, so there is nothing to discover after acceptance that should change the price. Leverage Put the pre-approval letter in with the offer. On two of the last ten competitive files it beat a higher bid. Bring with you
If it goes wrong A seller can accept another offer until the reservation is signed. Speed at stage three is the only protection. |
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| 03 Reservation | You | 2—5 | €3 000 | You | |
|
What happens A reservation agreement takes the property off the market for a fixed period, usually thirty days. The deposit is held in escrow, not by the agent. Read it Check what the agreement says about the deposit if the mortgage is refused. Ours returns it in full; not every agency does. Bring with you
If it goes wrong Sign an agreement with no finance clause and a mortgage refusal costs you the deposit. This is why two per cent of failures happen here. 2% of failures |
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| 04 Full application | You | 5—10 | €0 | You | |
|
What happens The complete file goes to one or more lenders: income, debts, the property's documents and the reservation agreement. We send the property half; you send the personal half. Shop it Apply to two lenders, not one. A second application costs nothing and the spread between quotes on the same file averaged 0.42% last quarter. Bring with you
If it goes wrong Incomplete files are the commonest delay. Every missing document adds three to five working days, and the reservation clock does not stop. 8% of failures |
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| 05 Valuation | Surveyor | 5—12 | €480 | Lender | |
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What happens The lender sends its own valuer. They are working for the bank, not for you, and their figure sets how much the bank will lend — not what you agreed to pay. Send ours Our measured area and the signed prices for the street are already on the file. Send them to the valuer's office; it shortens the argument. Bring with you
If it goes wrong A valuation below the price is the single biggest killer of purchases — the bank lends against its figure, so you must find the gap in cash or renegotiate. 31% of failures |
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| 06 Formal offer | Lender | 3—10 | €0 | Lender | |
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What happens The binding mortgage offer, with the rate, the term, the conditions and an expiry date. Read the conditions — they often require a specific insurance or an account with the lender. Clock starts The offer expires, usually in thirty days. Get the notary date booked the week it arrives. Bring with you
If it goes wrong Conditions attached at this stage can change the true cost by half a point. A refusal here is where the reservation deposit matters. 22% of failures |
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| 07 Notary booked | Notary | 5—15 | €1 400 | Notary | |
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What happens The notary checks title, charges and the register entry independently of everyone. In most of Europe this is a public office, not a service you shop for. Read early Ask for the draft deed forty-eight hours ahead and read the charges section. It is the last moment anything can be corrected cheaply. Bring with you
If it goes wrong An undisclosed charge or an unconsented alteration surfaces here. On the register it should not — that is what the four stamps are for. 4% of failures |
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| 08 Completion | All parties | 1 | €0 | You | |
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What happens Everyone signs on the same day: you, the seller, the lender's representative and the notary. Funds move, the deed is signed, the keys change hands. Have funds Bring the transfer tax ready to pay. In Spain it is due within thirty days but the notary will ask on the day. Bring with you
If it goes wrong Late funds are the only real risk. Instruct the transfer two working days early — same-day international transfers fail more often than banks admit. |
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| 09 Registration | Land registry | 10—30 | €620 | Registry | |
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What happens The notary files the deed and the registry records you as the owner. You have the keys from day one; the paperwork catches up behind you. File it Keep the registry confirmation with the deed. You will need both to sell, to remortgage and to claim any renovation grant. Bring with you
If it goes wrong Delays here are administrative and harmless, but do not start a grant application until the entry is recorded. |
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The folder7 yours · 4 ours
Eleven documents, four of them ours.
| Photo ID and proof of address | You |
|---|---|
| Payslips, three months | You |
| Tax returns, two years | You |
| Bank statements, six months | You |
| Employment contract | You |
| List of existing debts | You |
| Proof of deposit source | You |
| Deed and title extract | Ours |
|---|---|
| Permits for every alteration | Ours |
| Measured floor plan | Ours |
| Charges and encumbrances | Ours |
Cost of the transaction
On top of the price.
Against a €712 000 purchase.
| Item | Share | Amount |
|---|---|---|
| Transfer taxRegional, 6—10% in Spain | 10.00% | €71 200 |
| NotaryPublic tariff, not negotiable | 0.20% | €1 400 |
| Land registryRecording the new owner | 0.09% | €620 |
| ValuationLender's surveyor | 0.07% | €480 |
| Bank arrangement feeSome lenders waive it | 0.50% | €3 560 |
| Life and buildings coverFirst year, if required | 0.12% | €840 |
| Total on top of the price | 11.0% | €78 100 |
Spain, standard resale. Portugal and Italy differ mainly on the transfer tax; new builds carry VAT instead.
| Item | Share | Amount |
|---|---|---|
| Loan originationTypically 0.5—1% of the loan | 1.00% | €7 120 |
| Title insuranceOwner's and lender's policies | 0.55% | €3 916 |
| AppraisalLender's appraiser | 0.09% | €640 |
| Recording and transferCounty and state, varies widely | 0.85% | €6 052 |
| Escrow and settlementClosing agent | 0.30% | €2 136 |
| Prepaid taxes and insuranceHeld in escrow at closing | 0.90% | €6 408 |
| Total on top of the price | 3.7% | €26 272 |
United States, conventional loan. Transfer taxes swing hardest by state — from nothing to over two per cent.
Where it breaks
One purchase in six does not complete.
Five reasons account for almost all of it. Four are avoidable before you make an offer, and the fifth is the one nobody expects.
1 in 6 Offers that fall through after acceptance
- 01 The valuation came in low The lender's surveyor puts the property below the agreed price, so the loan shrinks and the gap falls to you. Send our measured area and the street's signed prices to the valuer before the visit. 31%
- 02 The lender refused the file Debt-to-income over the limit, a thin credit file, or income the underwriter would not count. Apply to two lenders at stage four — underwriting rules differ more than rates do. 22%
- 03 The buyer changed job A resignation or a probation period between application and completion voids most offers. Do not change employer between stage four and stage eight, however good the offer. 19%
- 04 The property would not pass An unconsented extension, an unregistered division, or a charge nobody disclosed. Only buy files carrying all four stamps — this is exactly what they are for. 16%
- 05 The seller withdrew A better offer before the reservation was signed, or a change of plan in the family. Get to a signed reservation with escrow inside five days of acceptance. 12%
Rates this weekupdated 06 Aug 2026
What lenders are quoting.
| Product | 15 years | 20 years | 25 years | 30 years |
|---|---|---|---|---|
| Fixed rateSame payment for the whole term | 3.24% −0.06 | 3.41% −0.04 | 3.58% −0.02 | 3.72% +0.01 |
| VariableEuribor plus a margin, reviewed yearly | 2.86% +0.08 | 2.94% +0.09 | 3.02% +0.11 | 3.14% +0.12 |
| MixedFixed five years, then variable | 3.02% −0.03 | 3.16% −0.02 | 3.29% no change | 3.44% +0.02 |
| TrackerEuribor plus a set margin, no annual review | 2.74% +0.08 | 2.81% +0.09 | 2.90% +0.10 | 2.98% +0.11 |
Averages across eleven lenders in four countries, weighted by completed loans. Nominal rates, exclusive of fees.
Representative example: a €200 000 loan over 25 years at 3.58% nominal, repaid in 300 monthly instalments of €1 012, costs €103 600 in interest. Total amount payable €303 600. APRC 3.91%, including a €480 valuation, €620 registry fee and buildings cover at €140 a year. Your own rate depends on the lender's assessment.
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