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House deposits

House deposits

Postby Algorfawoman » Fri May 17, 2019 8:33 am

I have been advised that by Spanish Law, deposits received when an offer is made on a property, have to be DEPOSITED IN FULL in the vendors bank account.
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Re: House deposits

Postby garyizme » Fri May 17, 2019 9:26 am

Correct but always use a solicitor for dealing with deposits when buying or selling
Last edited by garyizme on Fri May 17, 2019 12:44 pm, edited 1 time in total.
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Re: House deposits

Postby scubydoo » Fri May 17, 2019 9:46 am

Always pay the deposit through your solicitor you are using and make sure it says purchase subject to everything being in order habitation certificate/legality etc.
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Re: House deposits

Postby Jan » Fri May 17, 2019 4:40 pm

scubydoo wrote:Always pay the deposit through your solicitor you are using and make sure it says purchase subject to everything being in order habitation certificate/legality etc.


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Re: House deposits

Postby PGA » Fri May 17, 2019 5:13 pm

I always think this is ridiculous. Should be held in escrow but it is what it is. If the vendor pulls out, yes, they are obliged to pay you back not only your money but the same again, but good luck in that process and you'll have to find another chunk of cash to pay the lawyer to pursue them (and hope they haven't then spent it).

It's a very vendor-friendly process by and large.
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Re: House deposits

Postby Janjan » Fri May 17, 2019 7:49 pm

Most people have no problem buying and selling property so don't worry until you have to. The only thing is the cost of everything but that is the Spanish Law.
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Re: House deposits

Postby Lisaellis13 » Sat May 18, 2019 6:54 am

We paid the initial 2.5%to the estate agent for reservation then 28 days later paid the remaining 10% to our Solicitor. This is onl6 been in the last couple of months.
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Re: House deposits

Postby Paulr » Sat May 18, 2019 8:34 pm

NEVER pay any money to an estate agent. The so-called "reservation fee" is an industry invention and has no basis in Spanish law.

Pay the 10% deposit to your solicitor - if you've got one worth their salt, they won't pass it to the vendor until they are satisfied that the searches and documentation are in order. Or, as Scubydoo says, make the sale contract conditional on this being the case.
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Re: House deposits

Postby richardlionheart » Sun May 19, 2019 12:08 pm

Some of the Costa Estate Agents are in fact just trading styles owned and operated by well known english companies. The one we used in Playa Flamenca turned out to be just a front for RightMove in the UK. You can probably trust them more than the purely spanish owned ones.
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