What is the Penitential Arras contract?

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The penitential deposit contract is a private purchase and sale agreement. In this contract, and as an advance payment, the buyer contributes an economic amount that seals the commitment between both parties. If the buyer breaches the contract, he will lose the amount contributed. If it is the seller who fails to comply, he must return double the deposit to the buyer. In this article we tell you everything you need to know about the penitential deposit contract whether you are going to sell an apartment or buy a home.

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What should a penitential deposit contract include?
The penitential deposit contract must necessarily include the following points:

Seller and buyer data . They must be unequivocal identifying data, with the National Identity Documents of both parties.
Data of the property object of the sale . These types of contracts are usually associated with the purchase of homes and other properties. If the property has any type of charge it will also be reflected in the contract.
Price for which the good is bought or sold . This section will specify the purchase and Chinese Overseas America Number Data sale expenses , both those assumed by the buyer and those assumed by the seller.
Amount of the signal , which will be deducted from the sale price. This signal, as we have already said, is money that ensures the achievement of the contract. If the buyer retracts, he loses the deposit. If the seller retracts, he is obliged to return it to the buyer in duplicate.
The maximum period in which the purchase and sale contract must be signed. Both the buyer and the seller have a maximum period within which the contract must be signed to sell the property.
penitential deposit contract
Can I sell my house with another type of deposit contract?
Although the penitential earnest money contract is the most common, three other types of earnest money contracts are allowed :



Confirmatory deposit : They are proof of perfection or conclusion of the contract and serve as a sign of its conclusion. The buyer pays a part of the price in advance, and this deposit allows him to judicially demand the achievement of the contract or financial compensation for damages as long as they are demonstrable.
Penal deposits : Penal deposits, in addition to making it possible to demand compliance with the contract, also entail an economic loss for the non-compliant party. The deposit delivered is kept by the seller in case the buyer defaults, and is returned in duplicate to the buyer if the seller defaults. Furthermore, the complying party may terminate the contract or demand its fulfillment, applying in both cases the corresponding compensation.
Penitential deposit : This is the mechanism already explained, which although it does not require compliance with the contract, it does threaten the defaulter with the economic loss of the deposit. It is a legal means for the parties to disassociate themselves from the contract.
Recommended reading:   What documentation do I need to sell my house?
What other documents do I need to sell my house?
In addition to the contract, to sell your house you will need to complete a series of procedures. You can do them one by one or you can turn to an expert who offers the complete package, and save you all the worries that may arise in the buying and selling process. This can be done, for example, by requesting a quote to sell a house  on websites such as  Certicalia.