Accepting another property in return for payments made

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25 Oct 2011 00:00 by Hoping Star rating. 7 posts Send private message

Hi Maria of Costa Luz Lawyers

I read one of your posts re:

  • Disappointed buyers
  • Sellers without buyers.

In brief, it would seem that:

  • There are people who have made stage payments for properties that will never be fnished or built.
  • There are hundreds of empty properties in Spain that do not have buyers.

In an ideal world, if the:

  • Town council has agreed to the building of the homes
  • Regional council has agreed to the building of the homes
  • There is a habitation certificate

Could the buyers be compensated with a legal property of similar value?

Website connecting part-buyers and sellers

If so, could the town councils and regions get together and set up a website where:

  • Buyers record what they've paid
  • Sellers say which properties they have that are legally built and available
  • An insurance policy covers any difficulties?

Ideal world

In an ideal world, it would be easiest if the buyer could be compensated with a property that does have legal status on the same site.

If no property is available, could the buyers be compensated by a legal property of the same value by a different developer who has empty properties?

Insurance policy

If so, is there an insurance policy in place that developers take out to allow this flexibility?

If not, could it be set up?

What are your views on this?

Kind regards

Hoping

 





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26 Oct 2011 11:13 by Faro Star rating in London. 1139 posts Send private message

Hoping

Spain is not a member of the ideal world.

Spain is a frontier country.

There are no laws that are enforced.

No one knows where all the money went - it's gone - it's been nicked ... that's it in a nutshell!

In my opinion you are living in a dream worldif you believe someone is going to say we better give you something for the money you have paid. The bank will simply sell off anything they can to get in some more money and unless ordered by the courts they will not be returning one cent of any deposit paid.

Spanish ministers say there is no problem and possibly only one or two poeple who this happened to .....





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26 Oct 2011 20:01 by mariadecastro Star rating in Algeciras (Cadiz). 9298 posts Send private message

Legal Questions? Speak to Maria Direct

 It is possible HOPING. Of course it is possible.

We are actually already working on it for some of our clients willing to have a property in Spain.

Faro...it is possible... believe me :)



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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26 Oct 2011 20:20 by Faro Star rating in London. 1139 posts Send private message

ok - give me an example of the type of deal you are brokering and the background.





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