The purchase of a villa or apartment on the Costa Blanca is a reason for joy, especially if it is the first time you buy as it is likely to mean a major change in the life of the buyer for the better! It is important to hire a competent lawyer who will make sure you have the paperwork in order, but even with professional help, it is handy to have a checklist of what you will need.
The Contrato de arras is a contract whereby the buyer gives the seller an amount in the form of a deposit which is deducted from the total price of the property. The amount is usually 10% of the value of the property, but the contract may agree on another amount. The most common type of arras determines the price to be paid by each party in case of cancelling the transaction of sale of the property: the buyer would lose the agreed amount, while the seller would have to pay twice the amount paid if It was he who cancelled the sale.