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The purchase agreement

Once you reached an agreement on the price you'll enter into a purchase agreement with the seller. This can be a interim understanding that you draw up in private or a more formal document in front of a notary.
Only when explicitly mentioned and in full agreement with the seller can the sale in case of financial incapacity be cancelled. Generally the seller will in that case demand an earlier agreed upon compensation.




Downpayment

A sum of three to six thousand euro as a first downpayment is a common option, if nothing has been signed the seller can still get out of the deal, and so can the buyer.
If a temporary purchase agreement is signed in the presence of a broker the downpayment will be higher, usually something like 10% of the purchase price. You'll loose this money if you want to go back on the deal, the same is true for the seller, you can include a clause that if he withdraws he has to pay you 10% instead. It is quite common to have such a clause included in your Spanish purchase agreement.


How temporary is temporary?

It's not easy to opt out of a Spanish temporary purchase agreement, the word temporary grants no guarantee that you will be able to withdraw from the agreement.
Once you placed your signature at the bottom of a temporary purchase agreement the seller is under the assumption that you've done your homework and you know what you're in for.


Never say in hind view: "I just didn't know!"

HipoteCasa will enable you to look before you leap and save you from expensive mishaps!

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