El blog de Maria

Last February, our Secretary of Economy stated that with the financial  reorganization efforts, financial institutions will have easier access to capital markets and therefore a consequent improvement of credit flow to real economy ( companies, families) with a positive impact on production and employment rates.

It will also place real estate assets owned by Banks into the market, which will provoke the reduction of prices of houses.

In the meantime:

Our current enterpreneurs are being trained themselves on revival from ashes. Without an intitial capital push it is difficult to spend 8 hours working efficiently without the worry of bringing food to home.

I am eagerly waiting for enterpreneurs/ small companies aids being announced.

I do hope Europe understands this.

"Matalascañas", Huelva, Spain, by plsg77, at flickr.com

We have, no doubt, imperfections and delays in our clients care services. We are trying to improve them on a daily basis. :)

One thing we do not need to improve is transparency and truth. This has purposedly and closely  been untouched. At the end this is what really matters when relating to clients. You know that information coming from us is always truthful.

Transparency does not mean we need to communicate to you all you want to know. This is unnecessary from our own proffessional point of view and also impossible from the perspective of company management and practical realism. Sometimes it is even non convenient or detrimental for the work on your behalf  and we, as serious professionals, can reserve to us the  judgement on this.

Anyhow, we are confident on our work on your behalf as you are the center of our activities.

Thanks for you inmense patience with us and with the Spanish Legal System

Maria

"Life on Mars", Tinto river course as it passes through Gadea (On the road from La Palma-Valverde del Camino, Huelva, Spain), by Fuzzyyol, at flickr.com

That is what many banks are offering to clients at present: 30% to 50% reductions on existing mortgages. Many of them, under Government pressure, need to clean their balance sheets before the end of the current year and reduce their real estate stock.

So, for instance: If the unit  you were buying off plan had a mortgage of 60k , they are offering to you  a possibility of completing on this for less than the existing mortgage on the house. This reduction being of even 50% in some cases.

In more understandable words: Banks are doing almost "everything" to have people owning those real estate assets, because they need to meet the Government measures.

Time to start searching, maybe there is someone who is also willing to buy your rights on that unit. Investors?

"Sol / Islantilla", Islantilla, Huelva, Spain, by Juan Duque Oliva, at flickr.com

 Administrative Law: Law governing Public Administration

Public Administration is submitted to Administrative Law both when different bodies of the same are relating to each other and when relating with individual citizens

Main principles governing acts of Public Administration in Spain are:

-       Service to general objectives of State

-       Effectiveness, hierarchy, decentralization, unconcentration, coordination and rule of Law

Among their main duties:

- Objectiveness

- Effectiveness and efficiency

- Service to citizenship

- Good faith and legitimate trust

- Transparency and participation

Contencious administrative Courts apply Administrative Law

Administration is liable and citizens need to be compensated if they are damaged by Acts of the same unless force majeure events. Deadline to start the claim against the administration is of one year.

"Atardecer en la playa de la Punta del Caimán (Isla Cristina)", Isla Cristina, Huelva, Spain, by Huahe, at flickr.com

 for deffending your credit if you are an off plan buyer.

The whole business was in hands of banks and wisely enough, our 57/68 law makes them liable of custoding amounts paid by buyers.

Therefore, as advised in the forums today and as we have been advising for a long, long time now ( click here to read), energies need to be mainly concentrated on:

(1) Finding your individual certificate of Bank Guarantee/ Insurance. If not found, finding who was the Guarantoor of the deposits in your development. Your conetancing lawyer needs to know.

(2) Finding Bank account where payments were made. Again, your conveyancing lawyer needs to know.

So, as recently pointed out in this blogpost, the two reasonable, most advised actions if you made payments for an off plan property acquisition, you  have  cancelled your contract and developer is in creditor´s meeting are:

- Action against related Banks or Insurance companies

- Indemnity actions against conveyancing lawyers

Have a precious week,

Maria

"SSW. Ayamonte. Huelva".Ayamonte, Huelva, Spain, by M. Martin Vicente, at flickr.com

 http://givingpledge.org/#mark_zuckerberg

Directory of "givers" from the Giving Pledge website

"SSW.tierras de Huelva.Isla Cristina", Huelva, Spain, by M. Martin Vicente, at flickr.com

Some clients of us are seeking this scheme. Let´s see if banks are wise enough and can see further than their own egocentric calculations.

A thorough global debate and reform of economic and finantial systems where person and its communal dimension is in the center and where  the acknowledgement and fulfilling of social dimension and meaning of Financers and banks is remarked and made obligatory by Law.

This is what we need: orientation. Philosophers?

These type of literature to be understood by politicians and governors and also by the in a medium-citizen, lay people.

Kindest,

Maria

Ps.- Below, a post on this written in June 2010

Legal tip 300. Banks properties for Banks liabilities 
15 June 2010 @ 11:24 
What about this?

 We are celebrating today at CostaLuz the great new of winning our first IN COURT dation ( keys back to the Bank) process.

We have obtained  Dations out of Court settlements for a good number of clients. This of today, has been the first time that when us challenging a repossession, the Bank has settled for house in payment of debt, in Courts. It meand full debt is now cancelled and no worries for any remaining amount to be enforced against other assets.

Good for the client and a big motivation to us as a Firm!

Maria

"Ayamonte", Huelva, Spain, by airdiogo, at flickr.com

 Whatever whoever wants others to think Spain is. Spain is Spain. Always Spain.

From Invest in Spain website

Exceptional lifestyle

 As the IMF has recently stated, economies with greater exposure to real estate bubble are deteriorating more severely  and these economies need debt relief and restucturation as a general measure: for the whole social fabric, specially for families.

Economy for people: it is simple.  Social aid to help domestic economies. Estate intervention is possibly necessary. 

The IMF report mentions EEUU 1930 or Island 2011 as expamples where debt  was written off for a fresh start of families. 

European Finantial Authorities needs to make themselves liable of this all, as again, very rightly De Grauwe saw in 1998, before the Euro come.

Euro made the bubble in Spain specially big. We decidecly need Europe too to restore the effects of this burst. If not, it is possible that the European Monetary Union never existed really....  it was a fallacy.

"Alhaurin El Grande, Málaga, Spain, by i_yudai, at flickr.com

From this thread on the forum:

http://www.eyeonspain.com/forums/posts-long-11316.aspx

Indemnity actions against lawyers who did not provide Bank Guarantees to clients are also starting.

The two most effective ways for you to obtain a quick refund, if you have your contract cancelled, are at this moment:

-Actions against Bank for infringment of their obligations out of Law 57/68

-Actions against Lawyers ( their Insurance Companies) for lack of diligence/ possible criminal actions, when dealing with property conveyancing during the Real Estate/ Finantial boom.

Law firms involved are well identified and are just a few number of them, the very good new is that Bar Associations are now more active in exercising discipline against these Law Firms.

I do hope this is of help

Maria

"cruz_mayo1", foto de las Cruces de Mayo, Bormujos, Sevilla, Spain, by JosemariaSG -Meiker-, at flickr.com

 Any exisiting employment contract can be converted into a distance contract in any moment by mutual agreement.

Distance workers need to be associated with a work center for the proper exercise of their rights for collective representation.

They will always have same rights to those pshysically present at working at the Work center

Minimum retribution according to his/her functions and professional group needs to be covered.

Measures for them to be under continued professional formation will be taken.

In relation to "promotion" these workers will be informed on the existence of presential vacant job positions at their Work centers

"cruz_mayo6", Plaza de Bormujos, Sevilla, Spain, by JosemariaSG -Meiker--, at flickr.com

 Today, Commercial Law.  Based on Civil Law. Covering company Law, corporate governance, insolvencies, dominances, mergers...

A set of interesting links from the International Comparative Legal guide series :

- Commodities and trade Law:http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=33&chapters_id=706

- Competition litigation: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=210&chapters_id=4805

- Corporate governance: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=195&chapters_id=4563 

- Corporate recovery and Insolvency:http://www.iclg.co.uk/index.php?area=4&kh_publications_id=199

- Corporate tax: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=217&chapters_id=5012 

- Dominance: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=108&chapters_id=2989

- Enforcement of competition Law: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=109&chapters_id=3013

-Merger control: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=218&chapters_id=4971

-Merger andacquisitions:http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=183&chapters_id=4333

- Patents: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=206&chapters_id=4733 

- Product liability: http://www.iclg.co.uk/index.php?area=4&country_results=1&kh_publications_id=193&chapters_id=4531

"dscf3099", Algodonales, Cadiz, Spain, by dave massie, at flickr.com