The reservation of a property in Spain

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If you've decided to buy the house, carried out the checks and everything is in order, the next step is to reserve your future home. The reservation is done through a contract which is very important to determine a deadline for signing the contract.

The most common types of contracts are:

The penitential Arras:

Is a sum of money which is delivered by a purchase option. If the document consists of signal delivery is try to drag penitential (governed by Article 1454, Civil Code), is an option in which both parties can retract the seller and the buyer to sell to buy. The latter losing the quantity delivered and the seller returning double the amount received.

It must be clearly indicated in the contract that is penitential drag because if it is specified that we would mean a deposit with the consequences that we see in the next section.

The deposit:

This is an amount of money that comes to mind the final price of housing by both parties, buyer and seller, confirmed its intention to buy one and the other to sell.

In a reserve in the form of "deposit" the money that comes as part of the final price. Since then both the seller and the buyer may require performance of the contract.

If the seller does not want to sell, the buyer may require the sale price to be determined, and vice versa, if the buyer repents, the seller may require the purchase at the agreed price. It's actually a real contract of sale from the very moment that is signed by both parties.

Legally, this measure is called arras confirmatory.