Buying Property in Spain - A free guide from Spanish Life Properties Purchase Process in Spain The Reservation Contract and deposit Once your estate agent and lawyer have discussed the purchasing terms and conditions with the seller and an agreement have been reached, the next step is to formalise this verbal understanding through a written contract. This document is known as the Reservation Contract Contrato de Reserva and should be signed by both you or your representative and the seller. It might also include details about payment terms, estimated dates for exchange of contracts and completion. If both parties accept the terms in the contract a binding agreement is created. It is standard practice in Spain for this Reservation Contract to be accompanied by a sum of money which is paid by the buyer to demonstrate to the seller that there is a real intention to purchase. Once this deposit has been paid, the property is taken off the market and the price is frozen for a specified period of time. It is very important to remember that this deposit is usually non-refundable.
Even if the economic crisis ended the promotions of new work, today they allow resurfaced again. Even the official fecha do not show the return of new building properties to our actual estate park. Only the increase all the rage construction visas can give a foretaste of this trend, and perhaps a few cranes or land raids.
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