The reservation contract is the first contract of the buying process. It is an agreement between the seller and the buyer, where both parties agree to commit their time and resources to a specific sale. The buyer will put down a deposit and the seller will withdraw his apartment from all portals and websites. This means that the seller has confirmed his intent to sell, and the buyer has confirmed his intent to buy.
It is important to ensure that all required funds have been collected in order to complete the sale before the reservation contract. As a buyer, it is important to ensure that you are financially capable of completing the sale, before signing the reservation contract. If the buyer withdraws from the sale for whatever reason, the seller will keep the deposit which is non-refundable.
If the buyer is not familiar with the Spanish legal system and is unsure of how to conduct the necessary background checks, it is strongly encouraged that they hire a lawyer before any documents are signed.
When you have done the reservation of the property, then your NIE and a Spanish bank account are needed. The reservation fee is normally €3000 + IVA
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