Another interesting email sent to us from Mrs. E. Waltham of Leeds, UK:
Hello Golden Mile Group,
I have just bought a property in Mijas Pueblo in Spain and now ready to pay my down payment. The cost of the house is around €250,000 euros and I would like to give €5000 as a reservation fee. However, the real estate agents said that I need to pay more than that as a reservation deposit. Is that right? What is the normal percentage of deposit to reserve a property in Spain? Thank you and I am looking forward to your answer.
Regards,
Mrs. E. Waltham
Leeds
Golden Mile Group: To secure your chosen property, whether resale or off-plan, you will need to pay a reservation deposit which ensures it will be taken off the market. Normally the price is also fixed for an agreed amount of time, around 30 days. If you do not live in Spain, it is essential that you have access to funds to pay this reservation deposit while you are in the country viewing properties, either by cash or by credit card. The amount of a reservation deposit varies depending on the price of the property, but is normally somewhere between €3,000 and €12,000. When you pay the reservation deposit and you have secured your property, a reservation contract is signed both by yourself and the vendor.
To learn more about reservation deposit and contracts, click here.





