Deposit or arras contract

The sale of properties in Spain usually takes place after the conclusion of a deposit or arras contract. By signing the deposit contract, the buyer usually has to pay 10% of the agreed purchase price and undertakes to purchase the property within a certain period of time. If the purchase does not take place within the agreed period due to a breach on the part of the buyer, the seller may retain the deposit paid (Arras amount). If, on the other hand, the seller is responsible for the breach of contract, he must refund the buyer twice the amount received.

It is particularly important that the deposit is always paid into the account of a neutral third party when the Arras contract is signed in order to ensure that the payment is processed correctly.

Real state agencies often have standard draft Arras contracts that are not tailored to each individual case. Signing such a contract may jeopardize the security of the transaction and your rights.

Are you considering signing an Arras contract? Let us customize your contract for you and avoid unpleasant consequences!