Exchange a private contract

This contract is known as a contrato de ARRAS. It states that the buyer has made a commitment to purchase the property for a given price, the purchase will be completed by a date no later than X and very importantly if the buyer does not complete for any other reason, other than those stipulated in the contract, then they will lose their deposit.

The contrato de ARRAS also clearly states that the seller has committed to selling the property to the buyer free of all charges, for the same given price and no later than the agreed date. Very importantly should the seller not complete they will return two times the deposit. This contractual obligation is included in the Spanish civil code. At this point the buyer hand over a deposit, the amount of the deposit is negotiable but is generally considered to be 10% of the real purchase price.

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