The 24 article of the Notary Law establishes that in those deeds in which there is a consideration in money or a sign that represents it, the means of payment used by the parties will have to be identified. It should be identified:

1- If the price was received before or at the time of the execution of the deed. 

2- The amount of the consideration. 

3- In what form of payment is made. 

The forms of payment can be:

1- Metallic:

The 7 article of the Law 7/2012, of October 29, modifying tax and budgeting regulations and adjusting financial regulations for the intensification of actions in the prevention and fight against fraud regulates the limitation to cash payments where one of the parties involved is an entrepreneur or professional. 

  • In the event that they act as an entrepreneur or professional, the maximum amount to be paid in cash will be 2.500 euros or its equivalent in foreign currency. 
  • In the event that the payer does not have a tax domicile in Spain and does not act as an entrepreneur or professional, the aforementioned amount will be 15.000 euros or its equivalent in foreign currency. 

2- Check or other money order instrument:

The account number from where the money was extracted and the check number must be provided to the notary. In addition, the checks may be notarized in writing by means of a photocopy. It must also be specified whether it is a bank check and whether it is nominative or bearer. 

3- Bank transfer:

The origin and destination account numbers must be provided to the notary public. In addition, it is advisable to bring the supporting documents to be able to formalize them. 

Prevention of money laundering and terrorist financing

On the other hand, notaries apply the Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing, which aims to protect the integrity of the financial system and other sectors of economic activity through the establishment of obligations to prevent money laundering and financing of terrorism. 

Notaries should apply, in addition to the normal due diligence measures, reinforced measures in relation to those countries that present strategic deficiencies in their systems to combat money laundering and terrorist financing. In relation to the means of payment, article 34 regulates the obligation to declare the following movements: 

  • Exit or entry into national territory of means of payment for an amount equal to or greater than 10.000 euros or its equivalent in foreign currency. 
  • Movements through national territory of means of payment for an amount equal to or greater than 100.000 euros or its equivalent in foreign currency. 

For more information regarding the documents necessary to make a sale, click here.