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11 May 2010 00:00 by jonp Star rating. 3 posts Send private message

Hi all,

A few of years ago, we paid the deposit for an apartment in Spain and the developer completed the development on time. We then applied for the mortgage to complete on the property, but despite trying various lenders, we were unable to secure a mortgage, so couldn't complete on the property. With the help of my lawyer we submitted certificates from many lenders to the developer to prove that I could not obtain a mortgage.

During the last 12 months I have attempted, without success, to have the deposit returned based on lack of finance.

My lawyer has recently informed us that the developer can sue for the balance of the monies, as 'Civil Code states that if one of the parties does not carry out the tems of the contract (ie complete on the property), the other party can make the necessary arrangements to ensure the terms of the contract are carried out'?

Has anybody heard of this before and is my lawyer correct?

Thanks in advance

JP





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11 May 2010 17:09 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct

 Dear Jp:

It is correct, they can sue you. As correct as that you can defend your position due to lack of financiation.

Good luck!

Maria



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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11 May 2010 17:25 by jonp Star rating. 3 posts Send private message

Maria

I am amazed they can sue us for the balance, when it has been proven that we are unable to raise that balance!

Anyway, thankyou for the response.

JP





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