Elegant homes are a member if the INMO network, formally the IN network, multilisting service. All member agents work in this manner. To prevent an avalanche of 'testing the water' type phone calls from one agent to the next, a 6.000 Euro reservation fee has to be paid before an offer is made. If the negociations fail, the reservation deposit is refunded fully.
If there are legal problems your solicitor finds on your property before the 10% señal is paid and a private purchase contract is signed, you get your deposit back. Those are the rules.
The advantages to the buyer is that once the deposit is paid, the listing agent will take the property off the market. Once the vendor has signed in agreement with the outcome of negociations, he cannot now sell his property to someone else for more, even if he has not received your 10% yet. The advantages to the vendor is that someone is making a serious offer with money on the table. The 6K deposit is not paid over to the vendor till notary stage, and stays in an escrow account till the end.
If the property is an off plan, the deposit goes straight away to the developer and is not refundable.
Yours, Ivo,
asesor fiscal, Marbella