When Do I Sign the Reservation Contract?
You sign the reservation contract immediately when you decide to buy, typically on the day of your property viewing or shortly after. It is accompanied by the reservation fee payment.
- 1The reservation contract is signed at the point of decision to buy
- 2It is accompanied by immediate payment of the reservation fee
- 3The reservation period is typically 14 to 30 days
- 4During this period your lawyer conducts due diligence and the PPC is prepared
- 5Instruct your lawyer BEFORE signing the reservation if at all possible
Key Takeaways
- Reservation is signed at point of decision - often the day you view
- Reservation fee secures the property and is deducted from the total price
- 14-30 day window for due diligence before PPC signing
- Lawyer should be instructed before or immediately after reservation
The reservation contract is signed at the moment you decide to purchase — typically on the day of viewing or within a day or two. It is accompanied by the reservation fee payment. The reservation secures the property for you for a defined period while your lawyer conducts initial due diligence and the Private Purchase Contract is prepared. Once the reservation fee is paid the property is removed from the sales market.
The reservation process step by step
Step 1: You agree to buy the property and confirm you want to proceed. Step 2: The developer or agent prepares the reservation agreement. Step 3: You sign the reservation agreement and pay the reservation fee by bank transfer or card. Step 4: The developer removes the property from sale. Step 5: Your lawyer begins due diligence and preparation of the Private Purchase Contract. Step 6: Within 30 to 60 days, you sign the PPC and pay the main deposit.
Can I reserve and then change my mind?
It depends on the terms of the reservation agreement. Some developers allow refundable reservations within a specific cooling-off period. Others treat the reservation fee as non-refundable if you withdraw. Always review the refund terms before paying. If you instruct a lawyer who identifies a serious legal issue, most developers will refund the reservation fee.
What if I have not yet instructed a lawyer?
Ideally instruct your lawyer before signing the reservation agreement. If that is not possible due to time pressure, ensure the reservation agreement includes a clause allowing you to rescind (with fee refund) if due diligence reveals a serious problem. Then instruct your lawyer immediately after signing.
This answer is for general information only and does not constitute legal advice. Always consult a qualified Spanish property lawyer before making any purchase decisions.
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