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José M.
José M., Attorney
Category: Spain Law
Satisfied Customers: 6357
Experience:  Spanish Attorney
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We are about to enter into an Option Agreement sale

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We are about to enter into an Option Agreement for the sale of a property . 10% now from the Option Taker which if he fails to exercise his option we can retain . However the draft also states that if we as Option Givers fail to deliver then he gets back his 10% deposit plus compensation equal to that amount . We never agreed this but are told that it is absolute Spanish Law and cannot be changed to say " all the Option Takers legal costs etc "
The proposed agreement is written under Spanish Law
Customer: replied 2 years ago.
We are told that this compensation amount is compulsory and that it has to be within the Option Agreement even tho it was never agreed ....
Hi there, José m. spanish atorney
Spanish law says that in case we take some deposit in a contract, until it ends, the seller could keep it if buyer broke the contract and in the same line, the buyer has the right to demand the duble of the deposit from the seller if the seller broke the contract
So, even when your contract do not say so, if you give a deposit, you ca lose it if you broke the deal, but you have the right to get it back in double if the seller broke the contract
Thank you
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Customer: replied 2 years ago.
I understand this now. Thank you . HOWEVER if the Option Agreement states that the compensation payable by the Option Giver is say " 25% of the deposit paid by the Option Taker " if not delivered , does this then take precedent over the Spanish Law of an amount equal to the deposit already paid ? In other words does Spanish Law only apply if the Option Agreement is silent about what Compensation is payable by the Option Giver in the event of non delivery ?
Customer: replied 2 years ago.
I understand that the deposit paid would be refundable , but my query is about the amount of additional compensation
Hi there
The law says that the parts have same rights and riskes
So, if the risk is to lose 25 per cent of the deposit, the right is to get the same value, I mean, 125 per cent
The risk has to be always the same to both parts, in all cases
Thank you
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Customer: replied 2 years ago.
Thank you
Thank you. Have a good day
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Customer: replied 2 years ago.
So if there is to be a change in the terms of the Agreement ( which says that any changes must be in writing ) , then can this be done simply by email , or do both parties need to actually sign ?
Better if done it into a new contract accepted and signed for both parts but if you got mails propossing and they accep new changes, the changes could be probed at court if needed and perfectly valid
Thank you
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