Do I have to pay a deposit before buying a property?

If you are looking into buying property in Spain make sure you do extensive research and work with agencies and professional teams that can provide you with expert advice to avoid any challenging situations or future issues. At Breezom, we can offer you a transparent and stress-free experience as we work with reputable developers and legal teams that can help you steer your way smoothly through the acquisition process. 

Once you find a home you are interested in and make the decision to complete the purchase, the buyer and seller have to agree on the specific terms to go ahead with the deal. This means entering into an earnest money contract and paying it before continuing the bureaucratic process. This is a really important document as it seals the commitment of all parties to go ahead with the transaction which finalises with a payment between €3,000 and €15,000 depending on the property price. This is considered a payment on account of the agreed purchase price and will be forfeited if you, the buyer, pull out of the contract for reasons other than those contemplated in the earnest money agreement. You will have an outline in writing of what has been agreed upon before transferring the sum, so make sure to have a legal professional analyse every detail.