Understanding the 'Depósito de Reserva' for Off-Plan Costa del Sol Homes
A 'Depósito de Reserva' for off-plan properties in Costa del Sol is an initial, legally binding payment that secures your interest in a future-built home. It removes the property from the market and initiates the legal due diligence process, ensuring your chosen unit is reserved while initial checks are conducted, typically involving a small percentage of the total purchase price.
When purchasing an off-plan property in popular Spanish regions like the Costa del Sol, a 'Depósito de Reserva' acts as a reservation deposit. This preliminary payment is made by a prospective buyer to a developer to formally reserve a specific unbuilt property. It signals your serious intent to purchase and, critically, takes the property off the market for a specified period, typically ranging from 15 to 30 days.
The amount of this deposit is usually a relatively small percentage of the total purchase price, often a few thousand euros, up to around €10,000. While modest in comparison to the total cost, it holds significant legal weight. Its primary purpose is to kick-start the legal due diligence process, allowing your legal team and property advisors sufficient time to conduct thorough checks on the developer, verify the property's licenses, and confirm its legal status. This essential step provides a crucial layer of protection, especially given that the property does not yet physically exist.
Upon payment, a reservation agreement is signed. This legally binding document outlines critical details such as the specific property identification (block, floor, door number), the agreed-upon total purchase price, the exact amount of the deposit paid, and the duration of the reservation period. It also specifies the conditions under which the deposit can be refunded, which are typically limited to unforeseen legal issues discovered during due diligence that prevent the sale from proceeding.