A promise does not transfer ownership: it binds the parties to sign the final deed. What matters is that it states precisely what is promised, when, and what happens if someone fails to perform.
Clauses that must be there
- Full identification of the parties and of the property, with its registry details.
- Price and payment: deposit, balance, payment method and destination account.
- Deadline for signing the final deed, and the notary.
- Conditions: mortgage approval, lien-free registry certificate, municipal tax clearance.
- What happens to the deposit if the deal falls through, depending on who defaults.
- Handover: date, condition of the property and allocation of costs and fees up to that day.
- Closing costs: who pays each item.
Deposits: confirmatory or penitential
Arras are the sum paid as earnest money. State their nature in writing: if penitential, a party may withdraw by forfeiting them (the payer) or returning double (the recipient); if confirmatory, they are part of the price and a breach is claimed under the contract. The difference matters a great deal when something goes wrong.
Common mistakes
- Signing without having seen the registry certificate.
- Paying the deposit in cash or to someone other than the registered owner.
- Setting no deadline, or leaving the financing condition undated.
CARACOL's model
CARACOL has prepared a model purchase promise (in Spanish) that includes these clauses. It is a working base: your notary must adapt it to your case before you sign.