Buying property in Spain Part III, The private agreement

We are pleased to continue with our posts dedicated to buying property in Spain safely. In this article, we will focus on the private contract of sale/purchase.

In our property industry, it is normal that a private agreement is signed by the parties, seller and buyer, few days or weeks after the reservation deposit was signed and before the public deed of sale is granted with a Notary public in Spain.

Buying Spanish property Part 2 Reserving the propetry

The initial deposit

Now you have seen a property that you really like. You know the place, the location, the facilities, area, the community and as many other items which you consider to be relevant in your investment. This is the house that you would like to buy.

Your agent may request you that you pay a small deposit just to show your intention and to “take the property out of the market”. This is quite a normal practice and the right time that you may consider to engage an independent lawyer or solicitor who will make sure that everything is, at this first stage, in accordance to the different regulations.