When you put an offer in on a property in Spain and the seller accepts your offer it is common to be asked to sign a reservation contract (Contrato de Reserva) and pay a reservation fee to secure the property.
The reservation agreement sets out the basic terms and conditions of the purchase and includes the full name of the buyer and seller, agreed sale price, property address, date to sign a “private purchase contract”, deposit amount and any special conditions.
You’ll be required to pay a deposit of around 6,000 euros to secure the property. Your lawyer or estate agent will usually hold the deposit in a client account.
If you aren’t already in contact with a lawyer, we are happy to recommend one. Please contact us for more details
Your lawyer will conduct thorough checks on the property to ensure all documents are in order. If your lawyer discovers any legal impediments, your deposit is fully refundable.
