New Build on Condada legal question

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24 Sep 2018 11:11 by Mariasun Star rating. 9 forum posts Send private message

Good morning, we were going to buy a new build apartment on Condada de Alhama and have been asked by the developer to pay € 6000 to reserve.Our lawyer has told us that the law says in Spain buying off plan means that they have to guarantee every payment we make with a bank guarantee? Think they call it "aval" and this is mandatory, Has somebody reserved there already and do they comply with that rule? We are getting conflictive information, the agent says there is no garantee as its not necessary given the size of the developer but we are worried now, so many things are going on today and we would "rather be safe than sorry" after having lost money with a similar thing on the Canaries.Thanks for your comments, Mary




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26 Sep 2018 19:54 by inspectahomespain Star rating in Orihuela Costa, Spai.... 2418 forum posts Send private message

Vip Supporter

Here we go again, ALL PAYMENTS on a new build property should by law be backed up by an independant bank guarntee document, regardless of the size of the development

I sell a new build every week in my job



_______________________
Roy Howitt Independent Property Consultant www.sonrisaproperties.com www.snaggingspain.com WE CAN FIND YOUR DREAM HOME 627 955 748


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27 Sep 2018 22:32 by ads Star rating. 3387 forum posts Send private message

Also according to new law a legal building licence should exist  prior to purchasers depositing monies otherwise their monies will be left unsecured.

I wonder if all agents are aware of this when selling properties and if they are legally obliged to forewarn purchasers prior to purchase?

 


This message was last edited by ads on 28/09/2018.


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29 Sep 2018 12:47 by windtalker Star rating. 1393 forum posts Send private message

When you say new build ...is the property still under construction ....(or is it key ready ) if its already built it is normal to place a holding deposit ...that is fully refundable if the seller does not have all the legal paper work...by completion date...if the property is still under construction then you will have to make stage payments these payment's are normally back up by a bank guarantee... if the builder goes bust during construction it is not as easy as you think getting your money back ...normally you have to take the bank to court and it takes many many years to get a refund ...personally I would not touch a off plan project ...Spanish builders are totally corrupt and often go bankrupt before the site is finished .

 

 


This message was last edited by windtalker on 29/09/2018.


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29 Sep 2018 14:16 by ads Star rating. 3387 forum posts Send private message

The key point is that there must be a legal building licence in place now ( under the new BG law) PRIOR to depositing monies for those monies to be secured.....deposits are NOT covered by a bank guarantee or insurance policy prior to attaining a Building Licence under this new legislation.

So the question remains is there a legal building licence in place on these new builds? Does the contract have to make reference to the secured account?

p.s. Just noted this on a Spanish Property Insight blog....

” Bank guarantees: publicity. Developers are now forced in their sales publicity to make explicit reference to being compliant with this new law 20/2015 even mentioning the name of the lender or insurance company as well as the bank account details of the escrow account where all staged deposits will be paid into.”

So the question remains is this being complied with and are agents aware of this?

 


This message was last edited by ads on 29/09/2018.


This message was last edited by ads on 29/09/2018.


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01 Oct 2018 11:03 by Mariasun Star rating. 9 forum posts Send private message

Quick update, just been informed that there is no building license granted by the townhall so far as the company has not even applied for it, this all looks like a scam to me. We have been told by one agent that we have to sign a due diligence paper to be able to sign the reservation, seems some agents did their homework and are now getting nervous. We will not go ahead with this, and I hope for those who have paid their deposit that it's all a misunderstanding. 




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02 Oct 2018 12:36 by oreo Star rating. 2 forum posts Send private message

if everthing turns out to be legal, has anyone, ( buyers) thought about the noise levels , next to kasar ?

 




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