Distressed properties

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11 Sep 2009 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 8120 posts Send private message

mariadecastro´s avatar

All warnings are not enough!

Legal tip 127. Beware of distressed properties on sale
20 August 2009 @ 09:46

 

Some distressed properties are being sold by developers/ agents, whose initial buyers did not come to the completion of the property ( due to lack of finances, developer´s delay or any other cancellatory breach...),at a much reduced price: the fall of the market and the fact of a 30% deposit being already at the seller´s pocket make this possible.


 

The danger is here:  the  1st buyer still has on the property:


 

-  15 years to act for contract cancelaltion and refund of money paid ( if there is ground for contract cancelaltion) or


 

-   No deadline to finally buy,  as long as his contract is not cancelled  the buyer keeps buying rights on the property.  


 

Imagine you buy ( 2nd buyer) a distressed property now and  in two years´ time, once there is some recovery in the financial industry, the first buyer wants now to buy what has been offered and bought by you at a much reduced price. According to a contract he has with developer and which has not been formally cancelled, he has buying rights on the property you also bought:


 

What would you find then? Yes, a crime by theseller but.... a nightmare for you as a Judge might end up passing a decission by which the initial buyer has rights to buy and you just a judicial action against the criminal seller for the money you paid and .... no house.


 

It is always advisable to have a good independent lawyer. Believe me!


 

Maria


 

web@costaluzlawyers.es


 

www.costaluzlawyers.es


 

 


 


 

Toalla en Aguadulce, CostaBallena, Cádiz by Photo Javi at Flickr.com


 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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