WHAT IS IT?

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It is the guarantee that both the seller and the buyer will fulfill their agreed obligations in the transaction, establishing terms, deadlines, prices, and other important points. This agreement is executed before signing the purchase deed (escritura de compraventa), which, being a public deed, must be signed before a notary.

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As a result, the promesa de compraventa introduces a compliance guarantee that provides confidence to both parties involved in the transaction. It also includes other provisions, such as the value of the arras (payment for withdrawing from the deal) and even a penalty clause for breaching the agreed terms.

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WHAT SHOULD THE PURCHASE AGREEMENT (PROMESA DE COMPRAVENTA) INCLUDE?

• Name of the buyer
• Agreed price and payment terms
• Payment dates and deadlines, signatures, and property handover date
• Penalties and sanctions
• Property details (address, parking space, property registration number, etc.)
• Identification of both parties
• Declaration that the current condition of the property is known and accepted

Once the agreement is established, it must be signed by both parties and notarized.

WHAT HAPPENS IF THE PURCHASE AGREEMENT (PROMESA DE COMPRAVENTA) IS BREACHED?

If the purchase agreement is breached, the non-defaulting party may take several actions, depending on what was agreed in the contract—from requiring the payment of arras to enforcing penalty clauses.

As you can see, the promesa de compraventa is essential to securing and guaranteeing the process of buying or selling a property. It can make the process much smoother while safeguarding your financial security, especially considering we are dealing with significant amounts of money.

Now, we invite you to visit our virtual sales room by CLICKING HERE: https://www.mendebal.com/sala-de-ventas-online-mendebal/ and discover the projects we have available for you, or contact us via WhatsApp so we can guide you toward the home you and your family deserve.

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