{"id":1303,"date":"2017-06-16T12:09:12","date_gmt":"2017-06-16T12:09:12","guid":{"rendered":"https:\/\/vbbabogados.com\/?p=1303"},"modified":"2021-03-17T08:48:44","modified_gmt":"2021-03-17T08:48:44","slug":"preliminary-agreement-purchase-deposit-arras","status":"publish","type":"post","link":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/","title":{"rendered":"Preliminary Agreement: Purchase Deposit (\u201cArras\u201d)"},"content":{"rendered":"<p style=\"text-align: justify;\">If you are interested in buying a property in Spain, you will have heard the word &#8220;<em>arras<\/em>&#8221; which could be translated as purchase deposit, earnest money deposit or security deposit.<\/p>\n<p style=\"text-align: justify;\">Usually the first step of the future sale of a property is the\u00a0<strong>Deposit Agreement, named \u201carras\u201d in Spanish<\/strong>, it is the document that reflects the mutual commitment of buyer and seller and should clearly specify what are the basic conditions of that future sale.<\/p>\n<p style=\"text-align: justify;\"><strong>Arras contract<\/strong>\u00a0is a private document to book for the prospective buyer a\u00a0<strong>right to buy the property<\/strong>\u00a0providing for it a sum of money to\u00a0the\u00a0seller, and penalizing the buyer or seller if they break that agreement.<\/p>\n<p style=\"text-align: justify;\"><strong><u>Fundamental data<\/u><\/strong>\u00a0that must contain the earnest money contract is all the data that\u00a0will\u00a0appear in the future contract of sale:<\/p>\n<ul>\n<li><strong>Exact\u00a0<\/strong><strong>identification<\/strong>\u00a0<strong>of the Property:<\/strong>\u00a0including its physical description\u00a0and Property Register details;\u00a0attachments(garage, storage, terraces, garden\u00a0&#8230;\u00a0);\u00a0\u00a0including the exclusive use of acommunity element (if it is the case), \u201cc\u00e9dula de habitabilidad\u201d number\u00a0 in case of a dwelling (a copy must be surrendered).<\/li>\n<li>Must be expressed if the property isfree of\u00a0<strong>occupant<\/strong>\u00a0<strong>or tenants<\/strong>\u00a0and if there are any <strong>liens or encumbrances<\/strong>\u00a0(mortgages,\u00a0liens,\u00a0&#8230;),\u00a0and\u00a0established\u00a0the way to release\u00a0such charges before the final purchase and who will pay\u00a0the expenses of such cancelation.<\/li>\n<li><strong>Final\u00a0<\/strong><strong>prize<\/strong>\u00a0<strong>and\u00a0means of payment.<\/strong><\/li>\n<li><strong>Deadline to formalize the purchase before a Notary.<\/strong><\/li>\n<li>Covenants on<strong>distribution<\/strong>\u00a0<strong>of expenses in the sale,<\/strong>\u00a0for example, IBI(local tax) of the current year, ordinary community dues, extraordinary expenses agreed or pending approval by the community.<\/li>\n<li>Amount paid as <strong>deposit or\u00a0\u201carras\u201d,,<\/strong>specifically mentioning that \u00a0<strong>all amounts<\/strong>\u00a0\u00a0<strong>delivered will be deducted<\/strong>\u00a0<strong>to<\/strong>\u00a0<strong>the final price<\/strong>.<\/li>\n<li>In case of new construction housing, to the final amount must be added 10% VAT, which must\u00a0appear properly broken\u00a0down.\u00a0Second or subsequent transmissions\u00a0will be taxed by the Transfer Tax (in Catalonia also 10%).<\/li>\n<li>It can also be included who will pay (seller or purchase) real estate agent fees.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>Deposit will be paid<\/strong>\u00a0at the time of the signing of the earnest money contract and terms of payment\u00a0will\u00a0depend on what both parties agree. It is highly advisable to pay with\u00a0<strong>nominative bank check<\/strong>\u00a0in favour\u00a0of\u00a0the owner, to ensure the solvency of the buyer and the identity of the final recipient of the payment, as well as being able to credit the payment if it were needed in the future.<\/p>\n<p style=\"text-align: justify;\">In the case of a marriage under a system of partnerships, it will be understood that the spouse who signs the agreement doesit on behalf of their partnership, as there is a legal presumption of gainfulness of the property acquire.<\/p>\n<p style=\"text-align: justify;\">In the case of marriages under a separated by property or unmarried couples, both must appear at the signing of the contract in order to be jointly entitled to the rights arising from it.<\/p>\n<p style=\"text-align: justify;\">In the case of marriages\u00a0on a separate property system or unmarried couple, oth parties\u00a0must appear at the signing of the contract\u00a0in\u00a0order to be joint holders of the rights arising therefrom.<\/p>\n<h2>What happens if the contract is broken and the deed of sale is not formalized?<\/h2>\n<p style=\"text-align: justify;\">Usually when we find ourselves before a document of <strong>arras or<\/strong>\u00a0<strong>earnest money<\/strong>\u00a0the prospective buyer agrees to purchase housing within and for the price stipulated in the contract, although it may withdraw lawfully the purchase (because it is no longer interested) losing the quantity delivered.<\/p>\n<p style=\"text-align: justify;\">The seller may also withdraw from the sale, in which case, as\u00a0a\u00a0penalty must\u00a0<strong>return<\/strong>\u00a0<strong>in duplicate<\/strong>the amount received\u00a0as a deposit.<\/p>\n<p style=\"text-align: justify;\">It is necessary to reflect in the contract that the \u201carras\u201d are configured as penitential, contemplating the possibility of withdrawing from the commitment by losing the buyer the quantity delivered or returning the seller in duplicate, depending on who is responsible for the withdrawal. This latter question has given and gives rise to numerous lawsuits and jurisprudence of the Courts, so it is always advisable to have good legal advice before proceeding to the signing of a contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are interested in buying a property in Spain, you will have heard the word &#8220;arras&#8221; which could be translated as purchase deposit, earnest money deposit or security deposit. Usually the first step of the future sale of a property is the\u00a0Deposit Agreement, named \u201carras\u201d in Spanish, it is the document that reflects the&#8230;<\/p>\n","protected":false},"author":3,"featured_media":1306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-1303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Preliminary Agreement: Purchase Deposit (\u201cArras\u201d) - Boltas Boy&eacute; Abogados&reg;<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Preliminary Agreement: Purchase Deposit (\u201cArras\u201d) - Boltas Boy&eacute; Abogados&reg;\" \/>\n<meta property=\"og:description\" content=\"If you are interested in buying a property in Spain, you will have heard the word &#8220;arras&#8221; which could be translated as purchase deposit, earnest money deposit or security deposit. 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Usually the first step of the future sale of a property is the\u00a0Deposit Agreement, named \u201carras\u201d in Spanish, it is the document that reflects the...","og_url":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/","og_site_name":"Boltas Boy&eacute; Abogados&reg;","article_published_time":"2017-06-16T12:09:12+00:00","article_modified_time":"2021-03-17T08:48:44+00:00","og_image":[{"width":448,"height":299,"url":"https:\/\/vbbabogados.com\/wp-content\/uploads\/2017\/06\/contrato-de-arras-1.jpg","type":"image\/jpeg"}],"author":"VBB Abogados","twitter_card":"summary_large_image","twitter_misc":{"Written by":"VBB Abogados","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/#article","isPartOf":{"@id":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/"},"author":{"name":"VBB Abogados","@id":"https:\/\/vbbabogados.com\/#\/schema\/person\/e757432e691b5bb0b26730f7a079f576"},"headline":"Preliminary Agreement: Purchase Deposit (\u201cArras\u201d)","datePublished":"2017-06-16T12:09:12+00:00","dateModified":"2021-03-17T08:48:44+00:00","mainEntityOfPage":{"@id":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/"},"wordCount":682,"commentCount":0,"image":{"@id":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/#primaryimage"},"thumbnailUrl":"https:\/\/vbbabogados.com\/wp-content\/uploads\/2017\/06\/contrato-de-arras-1.jpg","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/","url":"https:\/\/vbbabogados.com\/en\/blog\/preliminary-agreement-purchase-deposit-arras\/","name":"Preliminary Agreement: Purchase Deposit (\u201cArras\u201d) - Boltas Boy&eacute; 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