Deposit contracts must gather, in detail, the main aspects of the agreement that has been reached, such as:
1.- Full identification of seller and buyer
2.- Enough, official and clear identification of the property (Nota simple required,click here for more information)
3.- Definition of the contract which is being signed, agreed price, method of payment (expressing if any amount is delivered as a deposit or on account of the price)
4.- Who will pay the expenses and taxes
5.- Time within the public deed needs to be signed, etc…
The more in detail and tight, the more peaceful your purchase process will be. It is also important to bear in mind that there is very recent legislation on Information requirements when selling houses in Andalucia (please see: http://www.costaluzlawyers.es/eng/?p=22 and http://www.costaluzlawyers.es/eng/?p=24 )
The return of amounts handed as a deposit will depend on the fulfilment of the conditions agreed in the deposit contract. It is very advisable to have a compensation clause that will avoid further discussions on this important matter.
On the other hand, if it is the seller who is not complying with the agreed deadline, or decides not to sell without a justified reason or to sell the house to a third party, he will have to compensate you according to what is stated in the deposit contract.
In the case that the sale is finalised within the agreed deadline, the deposit will be considered an advanced amount on account.
It is needed to pay a lot of attention to this contract as it is as important as the sales contract itself and you can be committing yourself to conditions that will determine the purchase at a very high level.
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"Playa de la Barrosa", Chiclana de la Frontera, Cadiz, Spain, by Mr Weeeee, at flickr.com