{"id":1577,"date":"2019-03-28T17:56:04","date_gmt":"2019-03-28T16:56:04","guid":{"rendered":"http:\/\/staminawebs.com\/wordpress\/?p=1577\/"},"modified":"2024-07-03T16:22:49","modified_gmt":"2024-07-03T14:22:49","slug":"kinds-of-arras-covenant-in-the-private-purchase-sale-agreement","status":"publish","type":"post","link":"https:\/\/porcel.legal\/en\/blog\/kinds-of-arras-covenant-in-the-private-purchase-sale-agreement\/","title":{"rendered":"Kinds of \u201carras\u201d covenant in the private purchase-sale agreement"},"content":{"rendered":"

The \u201carras\u201d<\/em> is a crucial part of the procedure of sale or purchase of a property. Other names given to arras are earnest money agreement or deposit agreement.<\/p>\n

It is a covenant included in the private purchase-sale agreement with the payment of \u201carras\u201d<\/em>, for which the buyer gives a percentage of the price to the seller on account for the future purchase of the property. Depending on the kind of \u201carras\u201d<\/em> agreed, the withdrawal of the agreement will entail a series of consequences for the parties.<\/p>\n

In other articles of the blog we have talked about the procedure to make a purchase or sale of a property.<\/p>\n

What are the \u201carras\u201d<\/em>? <\/strong><\/h2>\n

First, during the phase of the private purchase-sale agreement with delivery of arras, or more commonly known as \u201carras<\/em>\u201d, they state the agreements of the parties in a private document with regard to the procedure of purchase-sale \u00a0and the problems this particular case shall have for you. Therefore, it is a crucial procedure and, in many occasions, one of the most difficult times of all the transaction, because it is at this moment when the parties have to reach an agreement.<\/p>\n

Within the agreement or private document of purchase-sale with delivery of arras, we can find the covenant or “pacto de las arras<\/em>“, also known as “the sum of the repentance” or “penitential fine”.<\/p>\n

This covenant is stated by the Civil Code and the Civil Code of Catalunya as a covenant by which the buyer delivers to the seller a certain amount of money (in practice a 10% is established, though the law does no set any particular percentage) in proof of his future acqusition, this in such a way that the parties can ever withdraw the agreement assuming certain consequences, which will vary depending on the kind of arras agreed.<\/p>\n

\"Private
Private purchase-sale agreement<\/figcaption><\/figure>\n

What kind of arras<\/em> are there?<\/strong><\/h2>\n

For this reason, we shall briefly explain the most common kinds of arras<\/em>:<\/p>\n

 <\/p>\n

    \n
  1. \n

    Confirmatory arras:<\/strong><\/h3>\n

    The purpose is to confirm and give a certain amount on account for the future purchase. Therefore, its purpose is only that the purchaser gives a sum of the price on advance. In case the seller does not fulfill the agreement, he must return the amount received and to compensate the purchaser for remedies.<\/li>\n

  2. \n

    Criminal \/ penal arras:<\/strong><\/h3>\n

    Criminal arras are set to guarantee the withdrawal of the agreement, adding a covenant to the private purchase-sale agreement which establishes an economic sanction in case any of the parties withdraws it. Its configuration will vary depending on each asumption.<\/li>\n

  3. \n

    Penitential arras:<\/strong><\/h3>\n

    These arras have to be expressly agreed as such. They enable to the parties to withdraw the agreement, but assuming as a consequence that the purchaser will loose the sum delivered and that the seller shall have to return the doble of the sum he received.<\/li>\n<\/ol>\n

    Depending on your case, your lawyer<\/a> shall advice you on the one which best benefits or best suits<\/a> you.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The \u201carras\u201d is a crucial part of the procedure of sale or purchase of a property. Other names given to arras are earnest money agreement or deposit agreement. It is a covenant included in the private purchase-sale agreement with the payment of \u201carras\u201d, for which the buyer gives a percentage of the price to the … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5524,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-1577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-conveyancing"],"_links":{"self":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/1577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/comments?post=1577"}],"version-history":[{"count":1,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/1577\/revisions"}],"predecessor-version":[{"id":14553,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/posts\/1577\/revisions\/14553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/media\/5524"}],"wp:attachment":[{"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/media?parent=1577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/categories?post=1577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/porcel.legal\/en\/wp-json\/wp\/v2\/tags?post=1577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}