jonsol

Having read various books and articles on house buying in Spain , I have noticed a few times that although the amount for a deposit when buying a resale property is usually 10%, people say that generally the deposit can be a mutually agreed, smaller, amount , is this true ?

pwwm

It is quite true that you can agree whatever percentage you are happy with, with the seller, we are selling a smaller property and have a deposit of around 7%, but we have it written into the contract that it is non returnable, quite normal here, the buyer would get back double if we pulled out.

pwwm

jonsol

O.K., Thanks for that.

jonsol

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coralsoft

Everything is negotiable. Find out what the seller's situation is and what might suit them best, to lead to a mutually beneficial deal.

When we bought our place, they initially wanted a large deposit, then full payment, which we'd have struggled with. We knew they were building a block on the adjacent plot for themselves, parents and brother, so I correctly guessed that they'd need money to meet stage payments for the building work. I confirmed this with them and we also found out that they'd want to delay completion until near the time they were able to move into the new flats and we'd need to delay until we sold our house in London.

We worked out that we could do a tiny deposit straight away (they actually miscalculated a percentage and pesetas conversion figure in our favour, but weren't bothered as the total was unaffected), a 30% payment in a couple of months to meet their building schedule and then full payment on completion. The delay suited everyone, the staged payments suited everyone and we even let them rent the house from us a month or so after completion until they moved over the wall to their place and while we had some decorating work done. Since the price was agreed in February, we had the benefit of upward price movements during the period to completion, too.

A marvellously customised deal all round and we're still friends.

jonsol

Yes its nice to see things turn out well ,especially when both sides are dependent on lots of other things fitting into place before completion can take place, Thanks,

jonsol

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jonsol

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jonsol

Thanks for your comments.

teapotmonk

Hi

It is normal topay 10% but this can depènd on from whom you are buying. Spaniards tend to go fo rthe 10% but can be negotiated with. Othere nationalities tend to fall back on the traditions within their own experiences. Nothing new there.
I paid an intial deposit (holding of about 3 % and the rest - up to 10% within a certian period in order to check up on paper work).
Good luck