A real estate intermediation money contract deposit in Malaga is a private legal document where the parties involved agree on the reservation of the purchase-sale of a property. The potential buyer leaves an advance amount as a proof signal. It is important that there is a written record in the real estate brokerage contract that, if the final negotiation takes place, of the total price of the sale of the property, the amount left as a signal for the reservation is deducted.
How much is paid for a money contract deposit with real estate brokerage in Malaga?
There is no standard amount to answer the question of how much real estate brokerage money contract deposit is paid in Malaga. However, the figure is usually between 10% and 15% on the final price of the purchase-sale. In our real estate in Malaga, ESTE Real Estate, usually negotiate with our clients 10% on the final price of the purchase-sale.
How valid is a real estate intermediation money contract deposit in Malaga?
To answer directly the question about the validity of a real estate intermediation money contract deposit in Malaga, it has full validity. Provided, of course, all the minimum legal requirements for it are met, and we will talk about this in the next question.
What should a money contract deposit have?
Next, we list a series of data on what a money contract deposit should have to enjoy full legal validity.
The data of the buyer and the seller, as well as the data related to the housing that is being put as a reservation.
The final price of the purchase-sale of the property.
The form (s) of payment that are negotiated.
It must be left in writing in the document that the amount as a sign of the reservation, must be deducted from the hypothetical final sale of the property.
Kinds of money contracts
In the type of confirmatory contract, the buyer prepays in advance the total amount of the payment for the purchase of the house as a sign of absolute commitment to the business of the purchase-sale. This type of deposit agreement does not allow the failure of the subsequent purchase-sale. In case of default by any of the parties, it will have to pay what corresponds and the respective compensation for damages caused.
In the type of penitential money contract deposit, more common in Malaga, a reduced amount is provided as a reserve signal on the buyer’s side. In case of default by any of the parties, it will lose the initial amount paid or, failing that, it will provide double the amount in question. However, in this case, the contract can be terminated without inconvenience.
When does a real estate brokerage money contract expire in Malaga?
When a money contract deposit expires with real estate brokerage in Malaga depends on the deadline set by both parties in the contract.
How to rescind a real estate brokerage money contract deposit in Malaga?
As we saw above, how to terminate a real estate brokerage money contract deposit in Malaga, can only be answered if the type of contract is penitential, since otherwise, it has no possibility of rescission. If it is a type of penitential contract, we have already said that the rescission can be carried out, but losing the amount paid as a reservation by the buyer, or, if it is the seller, it will have to pay double of the amount agreed in the contract.
How do you say “arras” in Spanish?
We believe that “Contrato de Arras” could be a good term to use in spanish.
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