Attention Real Estate Agencies!


Derecho Inmobiliario y cuestiones Fiscales

Since when is it understood that the offer of sale for a property has been accepted by the the purchaser and from when are both parties obliged for one to sell and the other to buy?

Contrary to what is thought, it is not from the formal signature of the option contract or promise of sale, but from the real, clear and voluntary agreement (what in legal terms is known as “to be completed”) between the parties (offering party and accepting party) of one wishing to sell and other to purchase or opt, that is, if the owner has offered the property for a certain known price (either through the real estate agency or privately) and the accepting party or future purchaser has accepted by any means accepted in law ( E-mails, witness’s, notary notification , etc ) the price and the item under purchase or option it is understood that the contract or agreement exists in full right even if this has not been signed.

From which is understood for example the Sentence of the Supreme Court dated 31.12.1997 in which is stated that the agreement is completed (valid from a legal point of view) due to a “matter of fact”. It is at this specific moment (on the acceptance by the accepting party or future purchaser) that arises or begins all the Rights and obligations between the parties (whether or not the option contract, contract of promise or pledge contract has been signed).

Obviously if the real estate agency is formally authorized to sell the property in the name of the legal owner and this is published in their publicity or Internet, it is understood that it has been placed for sale in the same way as if done by the owner himself, whereby with the property being identified and clearly specified with a clear agreement of the final price between both parties, the seller cannot withdraw should at a later date another person offer more money for the property as the contract is completed at the moment of the offer being made for a price and this accepted by the other party.

In the case of after the inicial agreement the option or pledge contract is drawn up in accordance to the instruction of the parties, it makes no difference if the seller wishes to withdraw from the sale as the agreement is formally completed (even if it is not signed) as according to the Supreme Court the agreement to give the option contract or the purchase/sale itself implies that this has been completed (celebrated to all legal intents) on there being an agreement between the parties of the item to be sold and the final price for same and therefore this binds both parties insomuch the accepting party or purchaser can demand that the owner signs the option contract or the purchase/sale even though “this is not signed”.


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