The Arras Agreement (Spanish: contrato de Arras) in Spain is a deposit agreement for the purchase of housing and other real estate.
Arras guarantees and secures the rights of the buyer and seller of real estate in Spain: that is, the buyer pays a deposit for housing and contracts an obligation to buy it, and the seller secures the buyer's exclusive right to buy. In addition, Arras is the future structure of the Purchase and sale deed of the apartment, so you should be especially careful when signing it.
Spanish law provides for the existence of three types of Arras contract:
Important: only the last type of contract (arras penitenciales) ensures the return to the buyer of the amount of the deposit paid in double in case of cancellation of the transaction. Other types of contracts ensure the return of the paid deposit (arras confirmatorias) or the possibility of forcing the seller to conduct the transaction through the courts (arras penales).
When signing the Arras contract, it should be clearly indicated in the text of the contract which type of contact is chosen for the transaction.
When signing the Arras agreement, focus your attention on the point about the performance of all systems and residential communications, the absence of encumbrances, the presence or absence of debts and rental obligations (housing is sold without occupiers and tenant waiting periods). Your future home must be fully livable.
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