Volker Horch: There are several ways to pay the purchase price. In many cases, where the buyer is not resident in Spain or does not already have a Spanish bank account, they will open an account with a Spanish bank and transfer the purchase funds into that account. For completion at the notary's office, the buyer requests the bank to issue a banker's draft, which is then handed to the seller in the presence of the notary.
Volker Horch: In a notarial sale involving ratification at the consulate, the buyer may transfer the purchase price into a notarial escrow account (cuenta fiduciaria) or alternatively present a banker's draft with the notary. As soon as the notary receives the ratified deed, the purchase price is released to the seller or the banker's draft is handed over accordingly.
