After the reservation contract has been sorted, the sales process can progress to the next stage which is the signing of the Arras contract. The Arras contract is an agreement between the involved parties, where they set a final sales price and a date in which the final transfer must be completed.
When the Arras has been signed, the buyer must pay a deposit which normally covers 10% of the sales price. Once the Arras contract has been signed, both the buyer and the seller are legally bound to the sale and there will be penalties if one of the parties violates the terms and conditions of the deal.
The Arras contract should include article 1.454 of the Spanish civil code, which states that in the event of the buyer backing out of the deal, the full amount of the deposit will be lost. If the seller backs out, he must pay the buyer twice the amount of the deposit that was put down when the Arras was signed.
Casamona can do arras for you- or we can recommend a lawyer for you.
Many buyers choose to come to Barcelona to sign the Arras agreement in the presence of the seller and the lawyers, but you can also sign the contract in your country of residence or give your lawyer power of attorney to sign for you.