Seal the Deal with Contracts

Offer accepted? Cue the legal dance: reservation, purchase contract, and notary deed. Here’s the rundown:

1. Reservation Contract — Locks it in for 7-14 days with a fee (€5,000-€20,000 or 1%). Proceed, and it’s part of the price; bail, and it’s gone unless you’ve got a loophole.
2. 10% Private Contract — Pay 10% (including reservation). Variants: Penitential — seller backs out, you get double; you quit, lose 10%. Purchase — both locked in, a court can enforce it. Option — seller’s stuck; you walk, lose 10%.
3. Mortgage — Start early, it takes 2 months. Get 50% of the price, 15-25 years, 0.25%-0.5% early payoff fees.
4. Closing – Escritura de Compraventa — Notary day: all parties, bank cheques, instant ownership. Register in 3 months, then switch utilities to your name.

Need Clarity?

What’s next after buying?

Ownership hits at signing. Deeds register in 3 months; then you handle bills.

Reservation contract 101?

It holds the property with a fee—lost if you ditch, unless you’ve got terms to save it.