deposit- yes or no

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02 Feb 2017 23:44 by coedcoch Star rating in north wales(for now). 15 posts Send private message

good evening,we have just had a few days in spain looking at properties,my query is , if we like a property do we have to pay a "holding deposit" to take the property off the market, some say yes some say no! it's a nightmare,who mdo you trust? 





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03 Feb 2017 08:24 by johnzx Star rating in Spain. 4719 posts Send private message

It is the practice in Spain that if you decide to make a purchase you pay 10% deposit.  That is not a holding deposit but a payment towards the purchase. 

 Unless you have qualified something different in the Compraventa (sales agreement)  it is not returnable to the buyer if they change their mind.  If the seller changes their mind then they must repay the deposit plus a similar amount,  as compensation.



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03 Feb 2017 08:44 by acer Star rating. 1042 posts Send private message

It's one of those Spanish style rules which is open to interpretation.  Your average Spanish vendor will say it is the custom, but as soon as he/she is the purchaser, the deposit will become unnecessary.  

We Brits tend to take their rules far too seriously, but personally I wouldn't trust the system to part with my money.  The legal process is far quicker in Spain, mainly as they don't bother with half the checks you expect, so a deposit should be superfluous.  But if you feel you want to play along, pay the deposit to your solicitor, with clear written instructions not to part with it unless you tell them otherwise, to show good faith.





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03 Feb 2017 09:03 by Tadd1966 Star rating in Los Montesinos. 1778 posts Send private message

acer

good answer and good advice

best advise NEVER hand over money to a seller or an estate agent no matter what they say - walk away they will soon come back

we have never given a deposit on a purchase and when asked we simply said no

edited to add this link for info

http://www.imslawyers.com/blog/pay-reservation-fee-deposit-spain/

 

 


This message was last edited by Tadd1966 on 03/02/2017.

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04 Feb 2017 13:49 by coedcoch Star rating in north wales(for now). 15 posts Send private message

thanks for the advice,will ask agent what the deposit is for (he mentioned approx 500euros) and is it taken off purchase price





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04 Feb 2017 17:17 by Roberto Star rating in Torremolinos. 4105 posts Send private message

Roberto´s avatar

Yes, it would be deducted from the purchase price (although I'd insist on that confirmed in writing anyway), but it sounds to me like the agent just wants to ensure that he gets €500 to cover his expenses if you change your mind and pull out. I would try to delay / avoid handing it over, suggest your lawyer does his checks etc. first and then go straight to completion. In the current market, it seems unlikely that you need to ensure the property is taken off the market anyway. And as Tadd says, if the agent or seller get shirty about it - walk away.

As for "who do you trust?" Simple: Nobody. 



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