Do I have to return twice the deposit if I change my mind on the sale of my property?

I signed an early contract to sell my house and received 15000€ deposit. I have now changed my mind for family reasons. It does not state in my contract anything about refunding double the deposit but my solicitor did mention it at the time of signing saying it was Spanish law. I have the deposit for return but would have to borrow the other 15000€ but as the sale is due to complete next week and the buyer can't confirm that he has his mortgage in place how long can I wait before declaring my change of mind and do I have to give back the other 15000€. I am ill with worry.

Hi bjen

Spanish law does not indicate that you have to refund double the amount, this is agreed between the parties in a private purchase contract. In fact, it may be possible that the buyer enforces completion of the transaction in which case they could get a ruling from a Court forcing you to complete.

I suggest that you advise your solicitor that you don’t wish to complete and that you will only return the 15k. Your buyers may just take the money and go away.

Regards