Purchasing property in Mijas Costa is an exciting milestone for many expat buyers — whether relocating permanently, acquiring a holiday home, or investing on the Costa del Sol.
However, one of the most important stages of the buying process is often overlooked: securing the property deposit correctly and safely.
The deposit represents a significant financial commitment and formally takes the property off the market. When handled properly, it protects the buyer and moves the purchase forward smoothly. When handled incorrectly, it can create unnecessary risk and stress.
Keith at Target Property Spain shares three essential steps every buyer should follow to ensure their deposit is fully protected.
1. Ensure a Formal Reservation or Purchase Agreement Is Signed
No deposit should ever be paid without a properly drafted and signed agreement in place.
In Spain, this is typically either:
- A Reservation Agreement (Contrato de Reserva)
- Or a Private Purchase Contract (Contrato de Arras)
The agreement should clearly outline:
- Full property details
- Agreed purchase price
- Deposit amount
- Timeline to completion
- Conditions under which the deposit may be refunded
Verbal agreements or informal confirmations are not sufficient when substantial sums are involved. A written contract provides clarity, legal standing, and peace of mind.
2. Use Secure and Traceable Payment Methods
All deposit payments should be made through secure and verifiable channels.
The safest options include:
- Bank transfer to a verified account
- Payment via a lawyer’s regulated client account
- Escrow services where appropriate
Cash payments or transfers to unverified personal accounts should be avoided entirely. A professional property transaction should always leave a clear financial paper trail.
Traceable payments not only protect the buyer legally, but also ensure transparency throughout the purchase process.
3. Involve a Spanish Property Lawyer from the Start
Engaging an independent Spanish property lawyer early in the process is one of the most important safeguards a buyer can put in place.
A qualified lawyer will:
- Review and amend contracts where necessary
- Conduct full legal due diligence on the property
- Confirm ownership and check for debts or charges
- Verify planning permissions and legal compliance
- Ensure deposit terms are fair and legally enforceable
Legal guidance significantly reduces risk and protects the buyer’s investment from the outset. The cost of professional advice is minimal compared to the potential consequences of proceeding without it.
Final Thoughts
Buying property in Mijas Costa should be an exciting and secure experience.
By ensuring:
- A formal agreement is signed
- Deposit funds are transferred securely
- A Spanish lawyer is involved from the beginning
Buyers dramatically reduce their risk and protect their financial interests.
For expert guidance throughout the buying process in Mijas Costa, prospective purchasers can contact Keith and the team at Target Property Spain for tailored advice and support.
👉 Visit the Contact Us page to get started today.