An earnest money deposit, also known as a “good faith deposit” is the amount of funds a buyer is requested to put down once a seller accepts the buyer´s offer. This money is paid for two reasons, the first one is to show the vendor that the buyer is serious about starting the purchase process and the second reason is to take the property “off the market”, so no other buyer can present an offer to the vendor.
On the Costa del Sol, the earnest money deposit is generally €6.000, however, this amount can vary, and sometimes it can be as little as €3.000 and other times €10.000, depending on the price of the property and what is agreed with the vendor.