Pre-contract transaction timeline: Portugal vs. Spain
When money becomes at risk, and when due diligence must happen
Portugal: CPCV sequence
1
Price agreed verbally
Offer accepted by seller. No contract signed. No money changes hands.
DUE DILIGENCE WINDOW: inspection + legal review must happen now
2
CPCV signed + sinal paid
Bilateral commitment. Sinal of 10–20% paid immediately. Both parties legally bound.
MONEY AT RISK from this moment. Withdrawal costs the full sinal.
3
Escritura (final deed)
Notary authenticates transfer. Remaining price paid. Title transfers. No physical compliance check since DL 10/2024.
COMPLETION
Spain: reserva + arras sequence
1
Reserva signed + small deposit
Short-form reservation. Deposit of ~€3,000–€6,000. Property taken off market for 10–30 days.
DUE DILIGENCE WINDOW: inspection, legal review, financing during this period
2
Arras penitenciales signed + 10% deposit
Formal bilateral commitment. 10% paid. Either party may exit at defined cost (forfeit or double-return).
MONEY AT RISK, but due diligence already completed in reserva period
3
Escritura (final deed)
Notario authenticates transfer. Pre-signing mortgage information session required for financed purchases (Law 5/2019).
COMPLETION
Key difference: In Spain, the reserva creates a structured low-cost window for due diligence before substantial money is committed. In Portugal, no such window exists. All due diligence must be completed before the CPCV is signed.