Signing the Contract

Buying a property on the Costa del Sol & Property Contracts for your property

[ Buying a Property ] [ Public Notary ] [ Legal & Taxes ] [ Property Mortgages ] [ Property Contracts ] [ Buying Property Application ]

Signing Private Contracts

To secure the property in Southern Spain, it is normal practice for the buyer to provide a non-refundable deposit upon signing the Private Purchase contract (Non refundable except in the event the seller fails to meet his obligations or a mortgage cannot be obtained). The deposit amount varies depending on the price of the property, but as a rule of thumb is generally between 3.000 and 6.000 euros. Of course for a million euro property the reservation is slightly higher.

The contract will state the date by which the sale must be completed. It is very important that the purchaser be fully aware of the implications of failing to meet this completion date. Invariably the result will be the total loss of the deposit. If, on the other hand, the seller fails to meet his obligations under the contract by the given date, then the deposit will be refunded and damages may be sought in relation to losses incurred