Cash your money from the Bank and invest in Spain now again

Legal tip 360. Cash your money from the Bank and invest in Spain now again
06 October 2010 @ 11:13

María

A good idea, but first we must get the Banks to accept their liabilites under LEY 57/68 and then refund the deposits for the failed off-plan developments to the purchasers.

If the Banks continue to resist and force all the purchasers down the legal route then we could all be stuck in the Spanish legal system for years to come. At the end of it nobody will have any confidence to invest in Spain ever again.  Once bitten, twice shy.........

But if the Banks allow the execution of Bank Guarantees, accept their liabilites under LEY 57/68 without the need for legal action and quickly refund the purchasers in full including interest and costs then it is possible that some purchasers may have the confidence to invest once again in Spain.

But my advice to any purchaser considering reinvesting their money in Spanish property would would be:

Never buy off-plan until the Spanish Government make changes to the system of off-plan deposits.

Buy a resale house or apartment in a complex that is completed and has been running for a few years. This way you can speak with some of the residents and see exactly what you are purchasing. There are some fantastic resale deals around.

And most importantly - ALWAYS ENGAGE THE SERVICES OF AN INDEPENDENT LAWYER WHO IS NOT LINKED IN ANYWAY TO THE AGENT OR SELLER.

But first......we all need our money back from the negligent Banks!!!

Kind regards

Keith

Yes, once money circulates out of them, they will see nw bank accounts being opened and money coming out of the revitalising of economy