Should i pay a reservation deposit???

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06 Jun 2012 3:24 PM by georgia Star rating in Algorfa (As seen on .... 1835 posts Send private message

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 Hiya,

No,sorry,i dont go above Santa Pola.

I have an office in Algorfa,Los Dolses and Murcia.

Couldn't recommend anyone up there either to be honest.

I have never felt the need to stray up there either,prices dont seem to be very realistic.

sorry.

 



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12 Jun 2012 2:24 PM by Si`s partner Star rating in WEYBRIDGE , Surrey U.... 60 posts Send private message

Latest up date , Lawyer invoiced us for fees incurred in trying to purchase Tormos townhouse .

Few days later , HEY, Agent  calls our Lawyer to say after all the Vendors will agree to the 10000 Euros retention , this despite a rather terse email from said Agent that we / Lawyers were being `abusive` , their words , and Vendor would not agree on a retention so we requested our Lawyer wind it all up and let us know what we owe him.

Its amazing that Agents still seem to be of the belief that any potential purchaser should actually be grateful that they are showing us around any properties, that is when they turn up on time !!

Too late for these Vendors , they and their Agent have really pissed us off and cost us a lot of money and lost time in changing plans , flights and accomodation costs , all lost , we decided to call it a day, fed up with being treated like idiots so another property that will sit on the sale books for another year or more meanwhile we have made a promise to ourselves that we will only buy from Private Vendors , never via any Agent , especially an English one !!!



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12 Jun 2012 4:40 PM by mariadecastro Star rating in Algeciras (Cadiz). 9402 posts Send private message

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Deposit Contract

 

Published on 11/15/2006 2:40:06 PM in Buying Process

 

Know Your Rights!

There is a very important principle of contractual law in the Spanish Civil Code that states: ”The contracting parties can establish all the agreements, clauses and conditions that they may find necessary, provided they are not against the Law, the morals or the Public Order” .  It is called the “Autonomy of the will Principle”.

Taking that into account can help us to understand what the truth is in that “an agreement is a Law between parties”. For the peace of mind of consumers (purchasers of properties) , Spanish Law regarding abusive clauses is very clear and these abusive clauses are a very important limit to the autonomy of the will as they are considered against the Law.(Please see a list of Null and Void Clauses). Anyhow, play your part in the negotiation (with the assistance of a good lawyer) in order to use this freedom for the protection of your rights and a smooth purchase process.  For example when signing a deposit contract.

The deposit contract is a contract by which one party (the buyer) is obliged to pay to the other party (the seller) an amount of money as a deposit or guarantee for the fulfilment of a sales contract, and this party (the seller) is committed to sell the house to that person within a determined deadline and according to the conditions agreed thereby. The conditions agreed regarding the return of monies paid, cancellation… need to be balanced and equivalent between parties in order to be respectful with the standards of the protection of the Consumers´ rights.  Any abusive clause is coinsidered null and void and not enforceable.

The above mentioned contract must gather, in detail, the main aspects of the agreement that has been reached, such as the full identification of seller and buyer, plus enough, official and clear identification of the property (Nota simple required, click here for more information), definition of the contract which is being signed, agreed price, method of payment (expressing if any amount is delivered as a deposit or on account of the price); who will pay the expenses and taxes, time within the public deed needs to be signed, etc… The more in detail and tight, the more peaceful your purchase process will be. It is also important to bear in mind that there is very recent legislation on Information requirements when selling houses in Andalucia (please see: http://www.costaluzlawyers.es/eng/?p=22 andhttp://www.costaluzlawyers.es/eng/?p=24 )

The return of amounts handed as a deposit will depend on the fulfilment of the conditions agreed in the deposit contract. It is very advisable to have a compensation clause that will avoid further discussions on this important matter. There is big room for negotiation here. Remember the aforementioned principle on “Autonomy of the will” in Contractual Law.

On the other hand, if it is the seller who is not complying with the agreed deadline, or decides not to sell without a justified reason or to sell the house to a third party, he will have to compensate you according to what is stated in the deposit contract.

In the case that the sale is finalised within the agreed deadline, the deposit will be considered an advanced amount on account.

It is needed to pay a lot of attention to this contract as it is as important as the sales contract itself and you can be committing yourself to conditions that will determine the purchase at a very high level. 
 

Written by: Maria de Castro

About the author:

Maria de Castro is a Spanish Lawyer and the Director of the Law Firm www.costaluzlawyers.es.

Costa Luz Lawyers are contract and consumer real estate law specialists covering all parts of Spain. You can contact Maria at mldecastro@costaluzlawyers.es

 

 



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Maria L. de Castro, JD, MA

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Director www.costaluzlawyers.es

El blog de Maria



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