As for the amount that must be fulfilled in the preliminary purchase contract, Spanish law does not specify a specific sum, so it must be freely agreed by the parties (it is usually set between 10 and 20% of the final price of the property). However, it is advisable to determine one or the other amount according to the interest that the buyer has on this property, because if the seller withdraws from the sale in accordance with the provision of Article 1454 of the Spanish Civil Code, he must return it duplicated and if the buyer returns, he loses the amount paid for this concept. In the event that the seller decides not to continue the transaction and refuses to make the sale, Article 1454 of the Spanish Civil Code establishes a penalty of returning twice the amount paid by the buyer for the purchase before the purchase. However, if the buyer decides to refuse to complete the purchase, he will lose the full amount paid in the preliminary purchase contract without further penalty. It is important for buyers to ask which Goods would remain in the house – if it is not on the list of Goods, the seller has the right to take the Movable Property with them. The listed goods must be functional and in the same condition as they were when you signed the purchase contract. Although many parts of your contract are quite simple, such as. B the price you will pay and when the transaction will take place, other parts of the purchase agreement can be a bit confusing, especially for first-time home buyers. Make sure you understand the entire purchase agreement before you sign it. For buyers, closing costs can be 3% to 6% of the purchase price. Closing costs may be slightly higher for sellers. Even if you`re not a legal expert, it`s still important to understand the legal and contractual aspects of selling or buying your home.
Buying or selling a home is a big deal, and you can avoid headaches by making sure the deal you`ve agreed to is good. If you buy or sell a house in Portugal, it is not mandatory to conclude a provisional purchase contract, and it will cost you extra money, but you would be wrong if you ruled out signing one so quickly. Known in Portuguese as contrato de promesa compra e venda or CPCV, a pre-emption contract between seller and buyer is one of the first legal steps to buy or sell real estate before signing the deed of sale and serves as the only guarantee until the final contract is signed. .