Bid & Reservation
This is where your search turns into a transaction. By merging bidding and reservation, you secure the property legally and financially in one seamless step.
Staying emotionally detached and strategic during negotiations is more important than speed. A bid in the Marbella market is often a package of price and conditions. Once the bid is accepted, the next step is to immediately 'lock' the property with a reservation agreement and a deposit.
The Bidding Process
In Spain, bidding is private and usually happens via email between agents. Define your price, your desired completion date, and whether you are a cash buyer or need a mortgage. Ensure every deposit you pay is subject to a successful legal due diligence.
The Reservation Agreement
Upon acceptance, a reservation contract is signed to take the property off the market for 14-30 days. You pay a holding deposit (typically €6,000 to €20,000). This grants your lawyer the time needed for a full 'forensic' sweep of the property’s history.
What usually happens
- You submit a written offer with clear conditions.
- Upon acceptance, the reservation contract is signed and the deposit paid.
- The property is marked as 'Reserved' and your lawyer begins deep due diligence.
Prepare
- Formal written bid
- Reservation agreement
- Proof of deposit payment
Risks
- Being pressured to sign a contract without your lawyer's approval.
- Not realizing that deposits can be non-refundable if you withdraw without legal cause.