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€3000 Deposit?

Posted: Sun Oct 22, 2023 8:48am
18 replies9 members subscribed
Patzy1971

Posts: 37

3 helpful points

Location: Camposol

Joined: 4 Sep 2023

Good morning,

we are looking for to purchase a property in Camposol, but are wondering if you hsve to pay the deposit of €3000?

We have seen posts that mention not to pay the deposit.

We do not want to buy a property classed as touristico or without habitation certificate etc. Would the estate agent have to answer us those queries before we agree to a purchase? 

Any help would be greatly appreciated.

Bugsy

Posted: Sun Oct 22, 2023 9:12am

Bugsy

Helpful member

Posts: 188

271 helpful points

Location: Camposol

Joined: 21 Mar 2022

Posted: Sun Oct 22, 2023 9:12am

Paying a deposit of 3000 euro is common practice because you are basically asking the seller to take the property off the market for one month. This month will be used to complete the paperwork of the sales contract and have your lawyer do some checks on the property (is the title deed complete, no outstanding debts, no embargo on the property, etc). It also gives you time to take care of your 10% deposit of the total purchase price which you will have to pay after one month. If a property is classified as a touristico or if it has a habitacion certificate is something the real estate agent should be able to tell you. Please remember that most properties on Camposol (except for the majority of properties on sector A) do not have a habitacion certificate. Not paying the reservation fee might result in the seller not wanting to take his/her property off the market and possibly selling it to another buyer.

If a property does not have a habitacion certificate that does not immediately mean the property is illegal. In many cases you can aplly for a "license of second habitacion" which has the same legal value. You will have to apply for one at the town hall and have an architect do a structural survey and right up a report. Your lawyer can assist you with that. It might cost you 800 to 1000 euro to obtain one and it may take some time to get it done.

People should always remember that buying a house in Spain works differently than where they came from. Trust the proces and accept that in certain circumstances you will lose your deposit if your don't go through with the purchase (so ask your real estate agent exactly in which cases you will lose the deposit and let them put that in writing). Also keep in mind that in the end that 3000 euro is part of the total purchase price you have negotiated. You are NOT paying a 3000 euro deposit on top of the negotiated purchase price!! Just make sure that you ask the important questions before you pay anything.

Joemitch275

Posted: Sun Oct 22, 2023 10:56am

Posts: 48

18 helpful points

Location: Sucina

Joined: 26 Mar 2019

Posted: Sun Oct 22, 2023 10:56am

Patzy1971 wrote on Sun Oct 22, 2023 8:48am:

Good morning,

we are looking for to purchase a property in Camposol, but are wondering if you hsve to pay the deposit of €3000?

We have seen posts that mention not to pay the deposit.

We do not want to buy a property classed as touristico or without habitation certificate etc. Would the estate agent have to answer us those queries before we agree to a purchase? 

Any help would be greatly appreciated.

5% of the purchase price is the norm I believe for a deposit 

I've also heard property on Camposol without habitation certificates is also common 

Jan1961

Posted: Sun Oct 22, 2023 7:36pm

Jan1961

Helpful member

Posts: 240

98 helpful points

Location: Sucina

Joined: 1 Jul 2017

Posted: Sun Oct 22, 2023 7:36pm

Joemitch275 wrote on Sun Oct 22, 2023 10:56am:

5% of the purchase price is the norm I believe for a deposit 

I've also heard property on Camposol without habitation certificates is also common 

We in Process of selling our apartment the buyers have had to put €10000 down.

Jan

eduardo3332

Posted: Mon Oct 23, 2023 1:48pm

eduardo3332

Super helpful member

Posts: 1594

1194 helpful points

Joined: 21 Jan 2016

Posted: Mon Oct 23, 2023 1:48pm

Jan1961 wrote on Sun Oct 22, 2023 7:36pm:

We in Process of selling our apartment the buyers have had to put €10000 down.

Jan

So if you pull out of the sale for any reason you would have to pay them 20,000 euros 🤔

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Joemitch275

Posted: Mon Oct 23, 2023 1:56pm

Posts: 48

18 helpful points

Location: Sucina

Joined: 26 Mar 2019

Posted: Mon Oct 23, 2023 1:56pm

eduardo3332 wrote on Mon Oct 23, 2023 1:48pm:

So if you pull out of the sale for any reason you would have to pay them 20,000 euros 🤔

I think if the buyer pulls out, the buyer just loses deposit. However if the seller pulls out, they would need to compensate the buyer something over and above the buyer's deposit . You need to check this, that's my understanding.

eduardo3332

Posted: Mon Oct 23, 2023 5:00pm

eduardo3332

Super helpful member

Posts: 1594

1194 helpful points

Joined: 21 Jan 2016

Posted: Mon Oct 23, 2023 5:00pm

Joemitch275 wrote on Mon Oct 23, 2023 1:56pm:

I think if the buyer pulls out, the buyer just loses deposit. However if the seller pulls out, they would need to compensate the buyer something over and above the buyer's deposit . You need to check this, that's my understanding.

If you read the post I was replying to it states "they are selling there apartment and the buyer is putting 10.000 deposit". As I said if they piull out of the sale they being the seller would have to pay 20,000

Joemitch275

Posted: Mon Oct 23, 2023 5:10pm

Posts: 48

18 helpful points

Location: Sucina

Joined: 26 Mar 2019

Posted: Mon Oct 23, 2023 5:10pm

eduardo3332 wrote on Mon Oct 23, 2023 5:00pm:

If you read the post I was replying to it states "they are selling there apartment and the buyer is putting 10.000 deposit". As I said if they piull out of the sale they being the seller would have to pay 20,000

Yes sorry I'm a bit reactive. Reading while travelling and bumping around.

jaz007

Posted: Wed Oct 25, 2023 10:09am

jaz007

Helpful member

Posts: 175

114 helpful points

Location: Camposol

Joined: 20 Aug 2019

Posted: Wed Oct 25, 2023 10:09am

Personally depending on your budget look outside of Camposol. Most properties are touristico which is not a major problem if wanting as an holiday home, full time living look elsewhere. Yes I lived onD sector for 2yrs and moved to a different region. Camposol is like marmite you either love it or hate it.

Cidergirl

Posted: Wed Oct 25, 2023 10:21am

Cidergirl

Helpful member

Posts: 125

91 helpful points

Location: Torre-Pacheco

Joined: 12 Mar 2016

Posted: Wed Oct 25, 2023 10:21am

It’s normal to put a deposit down when selling in Spain.   As previously stated,  this effectively takes the property off the market.  As the buyer, if you pull out at this stage you will lose your deposit. If the buyer pulls out they will have to pay you double the amount. 

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