What is a contrato de arras in Spain?

Contrato de arras is a reservation agreement between the buyer and seller of a property where key terms of the purchase are agreed upon.

In combination with the arras signing, the buyer also agrees to pay an initial reservation fee that is usually between 5-10% of the purchase price. 

The contract outlines the fundamentals of the purchase and sale, including:

  • timeline
  • sale conditions
  • price
  • the amount of the reservation deposit

Navigating the Contrato de Arras in Spanish real estate can be challenging. For clarity, consider seeking legal advice. Dive into five essential insights from Iván Bellod Díaz, a leading lawyer and Director at Hoteland.