Deposit for a private purchase? who holds it

We have been offered a cheap studio appt from a cousin? of a new work colleague,

However someone mentioned in the office he has done this before but gets cold feet,

Not wishing to think we have sorted something and start proceeding, removals etc only to fly out to sign and then be left standing there i think a deposit would be a good idea?

As there is no agent who generally holds it?

whats the chances of actually getting double if they pull out? as its all going to have to happen quickly we would have spent money.

i guess however that if the legals arent all in place i can get my deposit back as its and apartment in a block that is Freehold?

thanks for any adivce

In my opinion, a deposit is more for the benefit of the seller, in case the buyer changes his/her mind. If you are concerned that the seller may change his mind, surely it would be better to not pay him any deposit? If he backs out, forget about getting double the deposit off him - just worry about getting anything back. If you really feel it's best to secure the deal with a deposit, I strongly suggest having a (Spanish) lawyer draw up a private contract for both parties to sign, and that the lawyer holds the deposit pending completion. At least that way you should get it back if anything goes wrong. You are going to need a lawyer anyway, to carry out the necessary checks.

 Where is the studio apartment located?

Maria,

Have pm'd u. Its Rocamar

Thks Roberto. sound advice. I agree fully about the lawyer and if we proceed would be happy to hand a deposit to mine just wanted to understand that it could be held with my notary? and that if im out of pocket by them pulling out i am not left short.

Treading carefully at present........

 The lawyer of the vendor ?

 Good point Maria. Manyarna, make sure you use your own lawyer, not the same one as the seller, or one recommended by him. I doubt if the notary will agree to hold the deposit; he is of course a neutral party, but I don't think he will get involved in such details of the deal.

Sorry i meant my Lawyer not Notary,

Get confused with Notarys/Lawyers etc as in France they do it all.

I would only offer a deposit and private contract if the deposit could be held by my lawyer. ( Am hoping if we can get things going to use Maria ) As you said Roberto earlier "getting anything back would be a bonus" and thats not  a road i want to go down as loosing the property is bad enough.

i will have to wait patiently to see what they suggest as i am also waiting for some basic answers before incuring to many costs. Hopefully i may get some feedback on the area in another thread i started...

At least the weekends here and its Full of Six nations Rugby...........and hopefully Pompey winning something...