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El blog de Maria

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

Legal tip 558. New decree on auctions
04 July 2011 @ 13:18

On the 1st of July, the government approved the decree by which minimum value estate assets can be repossessed by Banks is of 60% of valuation for mortgage. Initial deposit to be part of an auction was also lowered by the Government from 30% to 20% in order to increase the participation in auctions.

The part of the salary that cannot be seized is raised from 700€ to 960€. If the debtor is in charge of dependant members of the family, the non sizeable amount rises 30% for each of these members.

Interesting how the preamble of the decree states that the auction of assets will never drive to abusive situations or under selling of goods.

Online auctions are being promoted.

Barrosa beach. Chiclana, Costa de la Luz by DIOS_MIN at Flickr.com



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Jane said:
20 July 2011 @ 17:04

Maria, Does this mean 60% of the initial valuation as shown on the property deeds or a new valuation from the bank when the house is due to be reposessed ?

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