Reservation contract

Buying insight

Congratulations — now it starts to feel real. This is exactly where buyers must resist market urgency and allow their lawyer to take control.

The reservation stage is when initial interest formalizes into concrete financial commitment. This is the exact critical moment where buyers must actively resist market urgency. If you need immediate assistance reviewing a contract, you can or first review our legal due diligence guide to understand your protection.

Selling agents will predictably push for a quick signature to 'take it off the market,' but a rushed, unreviewed reservation is the primary root cause of lost deposits. This fragile stage combines down payments, legally binding wording, and tight time pressure. Managed correctly, signing a robust reservation contract creates a 14-to-30 day window of absolute exclusivity, granting your legal team exactly the breathing room required for deep forensic due diligence.

Advisor Insight

"If the selling agent insists on exclusively using their 'standard agency reservation form' and aggressively pressures you to blindly sign it on a Friday afternoon without your lawyer's direct input, walk away immediately. Standard forms are engineered entirely to lock in agency commissions and protect the seller, heavily penalizing the buyer for any withdrawal."

What usually happens

Reservation terms are explicitly drafted by your lawyer.
A holding deposit is paid to freeze the property off the market.
The lawyer initiates the full legal due diligence sweep.

Timing

Usually right after offer acceptance in principle.

People

You, Lawyer, Buyer agent, Seller side

Cost

Reservation deposits vary (€6,000 to €20,000).

Prepare

Reservation agreement draft
Payment instructions
Refund conditions
Key property initial documents

Risks

Paying any funds before your lawyer has absolute approval.
Assuming deposits are automatically refundable if you change your mind.
Not understanding the strict timeline you are agreeing to for the final Arras.

Expert Q&A

Absolutely not. In Spain, a reservation deposit (€6k-€20k) is typically entirely non-refundable unless your lawyer has explicitly inserted 'subject to legal due diligence and structural survey' clauses into the bespoke contract. Without these highly specific clauses, walking away simply means losing the money entirely.

A standard legal reservation period lasts exactly between 14 and 30 days. This is the precise window during which the property is securely frozen off the market, allowing your lawyer to pull the Nota Simple, carefully check Town Hall urban utility records, and successfully approve the property for the next major stage (the binding 10% Arras contract).

The most dangerous mistake is letting FOMO (Fear Of Missing Out) forcefully override common sense. Buyers excitedly transfer money to secure the asset physically before their lawyer has verified that the seller actually has the unencumbered legal right to sell it. Always let the lawyer greenlight the definitive transfer.