How much deposit goes with the promesa de compraventa, and is it refundable?

Under Article 1859 of Colombia's Civil Code, a deposit attached to a promesa de compraventa defaults to arras de retracto, refundable but doubled if the seller backs out, forfeited if the buyer does, unless the promesa expressly states the deposit is arras confirmatorias, which are non-refundable and simply an advance on the price.

Why the default type matters more than most buyers realize

Colombian law presumes arras de retracto unless a contract explicitly says otherwise. Under this default, either party can walk away from the deal: a buyer who withdraws loses the deposit outright, while a seller who withdraws must return double what was received. This default gives both sides a genuine exit option, at a defined financial cost, rather than locking either party into completing the sale no matter what.

Arras confirmatorias: the opposite arrangement

If a promesa specifically states the deposit is arras confirmatorias, the calculation changes entirely. This type doesn't grant a right to walk away; instead it functions as an advance payment toward the purchase price or as a guarantee of performance, and it's generally treated as refundable if the sale closes as planned, since it simply becomes part of the agreed price rather than a separate penalty.

How the 2 types compare directly

The time limit that catches some buyers off guard

Even under arras de retracto, the right to withdraw isn't indefinite. If the promesa doesn't set its own specific withdrawal deadline, the law caps that right at 2 months from the agreement, and it ends entirely once the escritura pública is signed or delivery of the property has begun, whichever comes first. A buyer assuming they can walk away right up until closing day is working from an incorrect assumption if either of these has already occurred.

Why the promesa's exact wording is what actually controls

Because Colombian law defaults to arras de retracto but allows parties to agree otherwise, the specific language in the promesa de compraventa, not a general assumption about how deposits "usually work," determines which regime applies to a given transaction. A buyer or seller who hasn't actually read this clause closely may be surprised to learn their deposit works differently than they expected.

Why a foreign buyer should treat this clause as a priority to review

A foreign buyer unfamiliar with Colombian contract law can easily assume a deposit works the way it does in their home country, which may be entirely different from either Colombian default. Reviewing this specific clause with an independent attorney conducting broader due diligence on the purchase, not just accepting boilerplate language from a template promesa, is worth the extra step before signing.

What a typical deposit percentage looks like in practice

While Colombian law doesn't fix a specific percentage for arras, market practice commonly lands around 10 percent of the purchase price, though this is fully negotiable between buyer and seller rather than a legal requirement. A higher percentage generally signals stronger buyer commitment and can be used as a negotiating point when competing against other interested buyers for the same property.

Why this decision affects negotiating leverage later

Choosing arras confirmatorias over the default retracto structure removes a buyer's ability to walk away cheaply if new information surfaces during due diligence, which is exactly the kind of tradeoff worth discussing openly during price and terms negotiation rather than accepting whichever version a seller's template happens to propose.

A buyer still completing title verification, boundary checks, or financing arrangements generally benefits more from the default retracto structure, since it preserves a defined exit option while those checks are still underway.

This is exactly why rushing to sign arras confirmatorias before due diligence is complete is worth resisting, even when a seller frames it as a sign of serious commitment.

Can a promesa specify a different penalty amount than double the deposit?

The parties can agree to different specific terms in the promesa itself; the doubled-deposit rule is the default outcome absent a different explicit agreement.

Does the 2-month withdrawal limit apply even if the promesa sets its own deadline?

No, if the promesa specifies its own term for withdrawal, that agreed term controls instead of the default 2-month limit.

Is a verbal agreement about the deposit type enforceable?

Relying on a verbal understanding is considerably riskier than having the specific arras type written into the promesa itself, which is the document a court or notary will actually reference.

What happens to the deposit if both parties simply agree to cancel the deal?

A mutual cancellation can be handled by agreement between the parties, typically returning the deposit as negotiated rather than applying the default forfeiture or doubling rules meant for unilateral withdrawal.

Does this deposit rule apply the same way to a rural finca as an urban property?

Yes, Article 1859 applies to real estate transactions generally, regardless of whether the property is rural or urban.

Should the deposit be held by the notary or paid directly to the seller?

Arrangements vary, and having a clear, written understanding of who holds the deposit and under what conditions is worth confirming explicitly rather than assuming a default practice.

Does the deposit type affect how the final purchase price is calculated at closing?

No, regardless of which arras type applies, the full agreed price is what changes hands at closing, with the deposit simply credited as part of that total once the sale actually proceeds.

Talk to a Guatape Properties agent about your specific plans.