Legal tip 201. Oportunity to sell your house in Spain I
Saturday, December 26, 2009 @ 7:33 PM
If you have been trying to sale your house without success during the last couple of years, this may be of your interest: throughout 2010, individual owners can request conversion of their units from free to protected housing (VPO). The Minister of Housing, Beatriz Corredor, believes this will facilitates the sale of houses in a 100% rate, since there is a register of applicants for VPO and more guarantees in obtaining financing.
Not just developers and individuals but also any companies an finantial institutions too. The work visa needs to be prior to 1 September 2009.
The Minister of Housing reminded that those changing free housing into VPO will have a very high possibilities of selling their houses as there are registries of intersted parties both in the regional and the local level , as well as the assurance that buyers will have access to finance through the guarantees offered by the Secretary of Housing for the purchase of OPV.
The Housing Ministry wants to achieve a balance between free and protected housing, purchase and rental, and new construction and rehabilitation, to "put the Spanish property sector to the forefront."
On the other hand, the minister recalled that on 21 December, has been created a body to control banks and savings banks in their obligations to finance the purchase of protected housing (VPO). This body will be formed by the Ministry of Housing, the Official Credit Institute (ICO), the representatives of the various collaborating entities, the Spanish Confederation of Savings Banks, the Association of Banks or the Spanish Mortgage Association.
I will explain tomorrow on the requisites to change from free to protected: This may be your oportunity to sell your house in Spain
See part II of this article serie here