Today we will talk about the so-called “contrato de arras” referred to the sale of real estate, based on the assumption that the keys of the house are not delivered until the title deed (Escritura) is signed in the Notary.
The term “arras” refers to the amount of money paid in advance to the signing of the Escritura. Therefore “contrato de arras” and ” private contract of le” are not the same.
When the private contract of purchase is signed, the truth is that you have signed a contract with two different agreements on it: the agreement of purchase (“acuerdo de compraventa”) and the deposit agreement (“acuerdo de arras”)
With the “acuerdo de compraventa”, you have not bought the property because in Spain to do so you need the Escritura or to give the posesion of the property (give the keys). But you have committed yourself to buy/sell the property and not doing so will be a breach of a contract. The consequences of this breach of a contract depend on what is stated in the contract.
With the “acuerdo de arras”, you may have agreed three different things, since there are three types of deposit.
Here are the different consequences in the “acuerdo de compraventa” depending on the type of “acuerdo de arras” that has been signed: