Spanish Real Estate Contracts

Spanish Real Estate Contracts

Spanish real estate contracts usually consist of 2 agreements. The Pre-contract and Formal Agreement.

Pre-Contract/Deposit

The pre-contract which may include a deposit, is known as an Arras. It precedes the main contract called the COMPRAVENTA and is a document where one of the parties, in this case the seller, undertakes to give a second party, in this case, the buyer, a real estate property in exchange for a stipulated price and which involves a form of deposit or security.

  • The document consists of different clauses and requirements and must include
  • Personal data of both buyer and seller. National Identity numbers and addresses.
  • If a purchase of a property is to be made by or for business, a proxy for an administrator may need to be included.
  • Housing data. All the characteristics of the house as well as the address, location and CATASTRAL reference number.
  • The price of the property.
  • The Arras contract should reflect who is responsible for the various costs of the sale.
  • Loans and debts must be shown if they affect the sale.
  • Timeline for expected completion.
  • Penalties where applicable for example in a delayed build.

COMPRAVENTA/CONTRACT

The main formal agreement must contain:

  • Personal data. Both buyer and seller. National Identity numbers and addresses.
  • If a purchase of a property is to be made by or for business, a proxy for an administrator may need to be included.
  • Housing data. All the characteristics of the house as well as the address, location and CATASTRAL reference number
  • The exact address and location
  • The description of the house coinciding with that shown in the Property Register
  • Square meters of the land, construction and useable.
  • The price of the property
  • The Arras contract should reflect who is responsible for the various costs of the sale.
  • Loans and debts must be shown if they affect the sale.
  • Timeline for expected completion.
  • Penalties where applicable for example in a delayed build.
  • Your leasing situation (if there are occupants or tenants)
  • If you are aware of paying taxes such as the IBI or there are any charges that need to be reflected.

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