Pulling out of Sale in Spain. After some advice if possible?

We are currently selling an apartment in Spain, due to complete the sale tomorrow.  We have spent the weekend in Spain with a view to emptying the property as we have used it very little over the last few years.

Whilst being in Spain we have seen that our resort has become a beautiful place over the last few years and has a lot to offer and we are now in the position where we are wishing we hadn't sold.

If we pull out of the sale at this late stage I appreciate that it's a real disappointment for our buyers, but I just feel that I've got to do what's right for myself and my family.

The buyers have paid a deposit of €5000 and our signed sales contract says "should the buyer unilaterally terminate the contract or does not complete the contract will be cancelled and he/she will loose the deposit paid.  If the vendor pulls out of the contract then the buyer will recover double of all monies paid".

if I understand this correctly, in the event that I as the seller pull out of the sale then I will have to return the €5000 deposit and pay a further €5000 as compensation.  Is this correct, or does the "pay double" part mean that I would have to return the deposit and then pay a penalty of €10,000 on top?.

Also, is it as simple as just paying the penalty and walking away or will there be a costly legal process to go through?

Thanks in advance.

Hi, it means you would have to return the €5000 plus an additional €5000 in compensation.

Good Luck!

Thank you so much for the reply.  I thought that's how I read it!  On that basis I think we're going to pull the plug and enjoy what we have.  Now for a difficult conversation with the agent tomorrow.  I hate letting the buyers down as we are close to completion, but think if we don't hold onto the place we will always be regretful.

Yes, just as an update for any future readers.  To confirm, I returned the deposit plus €5,000 to the buyers.  Agents contract was also for 50% of their fees.  We kept the property and paid the fees.

Of course, in these situations it depends on the detail and the attitude of the individuals, but for me it sounds like you probably did the right thing.