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hi does anybody know what happens if when the properties are completed you cant complete,due to circumstancies.ie,house in uk not selling,the pound to euro exchange rate,we have paid deposit and 30% of price,the contract by calidona seems to imply that all monies are forfeited if you pull out or dont complete,any thoughts.pkl.
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Sorry to deliver bad new but given the current climate and the way it is effecting the builders, if you cannot complete you will loose the 30% and Calendonia can take you to Court, and they will win, for the entire balance of the contract
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Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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a deposit is exactly that - if you dont complete you only lose the 30% as they STILL own the property!!! Consumer law in spain means that they cant keep the entire 30% either but only a max of 30% of the 30% deposit
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CRG
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I am sorry CRG2006 but I believe that the information that you have given is not correct and I am certain that one of the lawyers that reply on the general forum can help
My company has been involved in a number of these disputes and what the customer has paid is actually the first of a series of staged payments and signed a contract agreeing to buy the property
The developer has to honour their part of the contract to build the property within the agreed timescales
The deposit stage was much earlier in the process and you may be getting confused with the term deposit
There are and ever increasing number of unfortunate cases where, due to the euro rate and credit crunch developers have taken action against buyers that have failed to honour contracts and won the full amount in damaged
I am not an estate agent or lawer but operate in Spain dealing with these type of issues on a weekly basis
_______________________
Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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I have just checked my copy of The Contract ,the English translation reads as follows:
Non fulfilment by the Purchaser - Should not the purchaser fulfil with his duties the developer will be entitled to cancel the contract keeping the amount received from the purchaser as compensation.
I can't see anything that implies that the developer, having banked the 30% already paid, will then take the 'non fulfilling purchaser' to court to win the balance of 70% and keep the property. I hope my MRI recommended lawyer hasn't left this small detail out of the translated contract??!!!
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If you are purchasing via a compant likr MRI wherr the lawyer is almost in house you should seek ASAP some independant advice
_______________________
Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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there was only ever an english version of the contract - (even if u have a spanish version) you signed the 30% away,as per what you have copied into your reply.. I have had ndependant legal advice and that is what i have relayed on this forum. If you are not a lawyer then ask one before spreading wrong information.
C
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CRG
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I am sorry but I am confused and I am sure that the person on the thread is confused by your response CRG
In your original response you said that under some Spanish consumer law she will loose 30 % 0f the 30% but now you are agreeing that she will loose it all, I think
The only contract this is admissible in Spanish Law is the Spanish version which should have been checked by the buyers lawyer but the problem is that often a lawyer attached to the agent is not quite as independent as they should be and this is well documented on this forum
When the market was good it would have been easier to flip the property, sell the contract onto another buyer but as previously mentioned the contracts for later phases at this development do not allow you to do this
We deal with this developer on a regular basis and I know that they will pursue all money as demonstrated at their other site RODA
I actually retain a Spanish Lawyer for my company and as I also explained the best solution, before panicking is for an independent lawyer, based in Spain and if the client mails me and I provide details of a lawyer with the right experience
_______________________
Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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sorry i was in a rush - let me start over
1) the contract, according to pedro at corvera was only issued (well at least mine on phase 1) issued in english - i have this in an email from him!
2) the contract states that the 30% would be lost - nothing about HAVING to pay the other 70% - after all calidonia will still own the property and your cash!
3) consumer law makes it illegal for the dvper to keep the total of the 30% - in fact they are only entitled to 30% of the 30%! Like in the UK you have good and not so good lawyers -thats why some win and some lose!
C
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CRG
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Thabk you for the clarifiction
I understand that the contract for phase 1 was different and still allowed you to flip the property but I am sirry but there is no way that it would not have been issued in Spanish and English as the law is very clear here
As far as consumer law is concerned this is very dependant on who is defaulting and cetainly if it is the developer you are protected but as the buyer you would be in default and liable
If it was possbile to cancel the contract hundreds of buyers all over Spain would be doing this without loss and it doesn´t matter if they still own the property as all they will want is their money, again ask soem RODA buyers being put under pressure to complete
Please can you ask your lawyer to provide the Ley number for this piece of law so that I can have a look at it because I have a good knwoledge in this area and I have never seen this law
_______________________
Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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thank you all for your time and triouble in replying to my quetion,it certainly is very confusing but im sure we will get to the bottom if it,lets keep it going as im sure plenty of people are in the same boat and are curious to get clarification on the subject,pkl.
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Hi Roy,
You would be mistaken to think that the contracts were issued in both English and Spanish, the early contracts at Corvera were only issued in English, I am looking at mine as I write this and in English only.
I do not know if this makes any difference, but definitely English only!
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It makes a big difference if there is a dispute with a Spanish Court and I have never known in all property transactions that I have seen in Spain for a contract not to be issued in Spanish with an English translation available
I am just checking with my lawyer and advise
_______________________
Roy Howitt
Independent Property Consultant
www.sonrisaproperties.com
www.snaggingspain.com
WE CAN FIND YOUR DREAM HOME
627 955 748
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Just to add my twopence worth, I joined in phase 2 and I have only seen an English Contract. Has anyone in phase 1 or 2 had a Spanish Contract?
kev This message was last edited by kev2 on 8/29/2008.
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Hi all
extract from my engish version of my contract phase 2
RESOLUTION OF CONTENTIOUS ISSUES
should any dispute or disagreement arise between parties in connection with the existence or contents of this agreement , the parties shall negotiate in good faith in attempt to resolve such dispute or disageement within a maximum period of 15 days from the date on which either party formally notifies the other of the existence of such dispute.
The party waive any other forum to which they might be entitled and agree to submit any dispute or disagreement related to the interretation of or compliance with this agreement, that cannot be resolved amicably within the maximum term mentioned in the preceding paragraph, for resolution by the courts and tribunals of Murcia.
In the event of any discrepancy between the english and the spanish version of this agreement, the spanish version shal prevail.
In witness wherof, this document is executed in the place and on the date first above written.
hope this helps, never seen the spanish version of the contract ?
dave
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Hi,
Like Kev we're in phase 2 - we were advised by our independent lawyer that it was best to sign the Spanish version of the contract, which we did, but alongside that we were provided with an English version.
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Hi I am from another forum, but read your comments re contracts; just to warn you, we also thought that we had been given a spanish and english version of our contract; told to sign the spanish one only to find on completion that the parking space (underground parking) in clear English, had actually been written in Spanish as "optional" parking space - guess what? they wanted another 12000€ from us, to allow us to use the space beneath our apartments. Needless to say, we did'nt pay. The point of this is to show you that unless you have had your spanish contract translated and it agrees with what is written on the english version you have agreed only to what is on the spanish version. Yet another thing our brilliant AMBASUN never thought to point out to us!! This message was last edited by cooberpedy on 9/1/2008.
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It is my understanding that law in Spain requires the contract to be in Spanish. I
There are various protections offered by the law in Spain, say that if a property is not completed within 90 days of schedule you can pull out, but many developers get round this by inserting a specific clause denying you that right.
If you see any onerous clauses of this nature beware.
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Arranging mortgages in worldwide
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