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Five Essential Facts About Your Deposit for Buying a Property in Spain

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The deposit is a fundamental part of the process for buying a Spanish property and is paid when you or your lawyer sign the purchase contract. Under Spanish Property Law, this deposit is usually non-returnable to the buyer unless the sale fails to take place through fault of the seller.

Here are five things you should know about this deposit:

  1. It usually represents 10 per cent of the price of the property unless the buyer has previously paid a holding deposit (typically €6,000).
  2. The buyer or their lawyer generally pays the deposit at the same time as signing the purchase contract.
  3. The buyer will lose the deposit if they opt out of the purchase or fail to complete the purchase of the property in Spain within the timescale stipulated in the purchase contract.
  4. The seller will be obliged to pay back the deposit plus the same amount again (i.e. double the deposit in total) to the buyer if they opt out of the purchase or fail to complete on time.
  5. The buyer should keep a record of the payment (e.g. copy of the bank transfer or credit card receipt) to prove to the Notary that it was made.

At Andalusian Lawyers, we strongly advise all buyers of Spanish property to take independent legal advice before paying any amount of money towards the property.

For more information about the purchase contract and paying the deposit, please contact us. Our FREE Guide to Buying a Property in Spain gives an overview of the entire buying process with information on the steps involved. Download it here.

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