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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 1072. Are these dealings binding? Precontract of property purchase in Spain
26 November 2013 @ 13:57

You are negotiating the purchase of a property and suddenly, the buyer choses to sell it to someone else. Is there anything I can do?

It depends:

a) If you did not agree on property and price nor set a day for signing the contract. There is not much you can do unless you can proof clear damages arised from the will change of the buyer. In this case, you could claim compensation.

b) If you already agreed on property and price and were just waiting for a moment to sign the contract or even more if you had already set a date for signing the purchase contract, you do have rights to compel the counterparty to sell the property to you at the agreed price. Even fs not deposit has been paid yet. This is what it is called a "Precontract of sale" ( provision 1451 of the Spanish Civil Code)

c) Buying-option is an agreed and signed contract by which the buyer is given a period of time to finally buying a property.Price can be closed or open to be set. It generally is perfomed with a rental contract being vigent during the time before the option date.

d) Sales contract: Object, price and wills of sale and purchase are agreed and signed.

e) Public Deed of Sale: Purchase contract is notarised so it can enter the Land Registry and buyer obtain full ownership safety before third parties. 

Legal advice

Setenil de las Bodegas, Cadiz, Southwestern Spain, at facebook.com



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