Property in Spain: What you need to know before making a down payment
If you’re looking to buy property in Spain, you might have heard of or come across the concept of a ‘contrato de arras’ – but what is it, what rights does it give you, and what should you know before signing one?
In English contrato de arras translates to a deposit contract or deposit agreement and is an important, in most cases, essential, legal document to finalise an agreement for the purchase of a property in Spain.
Although it may seem like another formality in the long process of finding and buying a property, it is an important contract that commits both buyer and seller to the sale, and formalises the initial deposit payment. In Spain, the deposit to pay to seller when signing the contrato de arras is usually between 5 and 15 percent of the final agreed sale price, a sum that can only be cashed by the owner of the property being sold.
The main purpose of an ‘arras‘ is to give peace of mind to all parties involved in a property sale, as the agreement contract confirms in writing that the terms agreed for the sale are respected. If you sign the deposit contract and then ultimately decide against purchasing the property, then you will lose the amount of money that has been paid as a deposit.
However if culpability lies with the seller and the transaction of the property doesn’t proceed as agreed, it is custom in Spain that the seller returns double the deposit amount paid in the contrato de arras.
If you are looking to buy a property in Spain, France, Portugal, Turkey or USA email mark@vci-network.com for the latest criteria
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