* Legal Property Experts * Can You Buy an Embargoed Property?

Ads: Replying below in bold green:

Maria,

Does this register include offplan properties/contracts where deposited monies have been placed against the property, but for whatever reason those monies have never been returned to innocent purchasers (debt outstanding) following developer breach of contract, but the property was eventually built? No, they do not. Legal Controllers of these are, according to Law 57/68, Banks where money was paid to by buyers.

What happens in the instances for example where a property meets the above criteria, a case against the developer has been won at appeal, a preliminary enforcement was never achieved (developer asset stripped or went into administration in the lengthy interim period awaiting enforcement), and/or an embargo to seize assets has not been concluded?

Is this outstanding debt relating to offplan deposited monies recorded against the property anywhere, and if so where? It is not. Land Registry does not give legal guarantees for off plan payments.

Thank you Maria,

If there is no register or link to identify Banks that have an outstanding debt against that offplan property (now built), how does a subsequent potential purchaser of that property identify outstanding debts owed by the Bank/developer, relating either to outstanding return of deposited monies, or for that matter any outstanding developer mortgage associated with that property (a mortgage never paid off by the developer)?

Do all these debts remain hidden from view? Are these debts in effect unregulated and unaccounted for? Doesn't this place the potential purchaser at risk?

How does the current conveyancing system prevent a resale where debts of this nature are still outstanding, if there is no offcial record of these hidden debts?

And just as important a question is how are these outstanding debts owed to offplan purchasers being effectively recorded for official monitoring purposes in Spain?

Dear Ads:

I understood you were asking if amounts paid by buyers are recorded in the Land Registry...

Of course, the developer´s mortgage loan is recorded in the Land Registry.

Kindest,

Maria

Some ideas:

1) Have you tried chatting to neighbours? Surely they must know who the owners are and be able to provide some clues on how to contact them. It might pay off to spend a day knocking on the doors of the neighbourhood and maybe prodding about in the local bars (which is where much of the local gossip is to be had, and you may soon learn the life story of the present owner).

2) If you think the house will go for more at the auction, why do you think the owner would be prepared to sell it to you for less?

3) Have you fully considered that if the house is emabrgoed for that much, that the owner was probably in serious financial difficulties, and that may point to other problems such as seriously deferred maintenance, unpaid bills etc. Is the house really so special that you want to take that risk?

4) In my own experience, another way to go is to talk to a local lawyer. they have access to files in the ayuntamiento that you as a lay person cannot get. It may cost you a little, but if it gets things done, that may be wirth it.

​Jewseboy.  

                    Had another thought.  Have you tried asking the postman / woman?     I know from my police service days, they have a lot of local info.