All EOS blogs All Spain blogs  Start your own blog Start your own blog 

El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Credit crunch times can play in favour of consumers.... why not?
28 August 2008 @ 12:12

The National Institute for Consum , part of the  National Department of Health and Consum, states in its recommended contract model  for off plan purchases:

The buyer can opt for the cancellation of the contract, once he knows of the  non approval of the financing  by the Bank, being entitled to the refund of all the amounts paid. 

Credit crunch times can play in favour of consumers.... why not?  

 

By Maria L. de Castro

web@costaluzlawyers.es

www.costaluzlawyers.es


 



Like 0




5 Comments


Sumita Shah said:
28 August 2008 @ 14:26

Can you please informationon how to deal with this: An off plan purchase (initial deposit is put down in June 2006)with a further deposit later in the year (a total of over 44000 euros) but the purchase and deposit is based on a particular completion date (October 2008). The purchaser questions and questions the lawyer about the bank guarantees for a period of months and even suggests pulling out but the lawyer advises that it would be better to wait. Eventually in January 2007, the bank guarantees appear but the completion date of the contract has moved to June 2010 without the purchasers knowledge or agreement. The purchaser does not want to go ahead on this basis but is informed that she will lose 50% of the deposit if she pulls out and the remaining 50% will not be given back until the development is completed in June 2010. The lawyer advises that building works should start in Jan 2008 but in July, the developer had still not obtained the town hall's permission to make the hole and start the building works. What can the purchaser do to get her money back in this instance?


Sumita Shah said:
28 August 2008 @ 14:28

Can you please informationon how to deal with this: An off plan purchase (initial deposit is put down in June 2006)with a further deposit later in the year (a total of over 44000 euros) but the purchase and deposit is based on a particular completion date (October 2008). The purchaser questions and questions the lawyer about the bank guarantees for a period of months and even suggests pulling out but the lawyer advises that it would be better to wait. Eventually in January 2008, the bank guarantees appear but the completion date of the contract has moved to June 2010 without the purchasers knowledge or agreement. The purchaser does not want to go ahead on this basis but is informed that she will lose 50% of the deposit if she pulls out and the remaining 50% will not be given back until the development is completed in June 2010. The lawyer advises that building works should start in Jan 2008 but in July 2008, the developer had still not obtained the town hall's permission to make the hole and start the building works. What can the purchaser do to get her money back in this instance?


Maria said:
28 August 2008 @ 14:58

You can execute the Bank Guarantee as soon as October 2008 finishes.

Best,

Maria


Maria said:
28 August 2008 @ 15:00

Better said: Does your contract have a starting of work date? I can see that you might execute the Guarantee right now.

Please email me externally if you need further help or advise.

Our email addresses are: mldecastro at costaluzlawyers.es or marialuisa at costaluzlawyers.es

Best,

Maria


chuckaluk said:
11 September 2008 @ 19:25

can you please be more explicit do you mean if I cant get a mortgage even though I have paid the full deposit I can get my full deposit back Thanx



Only registered users can comment on this blog post. Please Sign In or Register now.




 

This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x