Legal tip 58. Contract re-negotiation: an alternative to judicial affair.
Thursday, March 19, 2009 @ 8:07 AM
Contract Re-signing: an alternative to judicial affair.
If you are cancelling your contract, based on effective and legal reasoning with the aim of using that money in the future to buy again in Spain, it may be a good idea for you to try to renegotiate with the developer the terms of the contract…. specially the price and the completion deadline.
As there is a previous breach by the developer, which could drive the case to cancellation, you can take the chance to put some pressure on develope and get same property at a much more reduced price. It actually is a win-win deal so I cannot see a developer refusing it and if so, I am sure the Judge will agree with you and will revise the contract on your favour.
This new contract can be drafted now with full respect and coverage of all your rights as a consumer… those that your current contract lacks. Of course with a proper Bank Guarantee in place.
In terms of price reduction: I know a developer who is offering its properties at a price reduced by the money the interested person is trying to recoup from the developer in Courts (that 20-30% of the price paid as a deposit). I think it is a good example of common sense and keeness to put some balance and life back to the market.
If you cannot get finances now, as there is also a possibility of cancelling the contract because of this, you can try to agree to have completion postponed and a good discount on price.
Crisis brings opportunities.
Sunset in Barrosa beach ( Chiclana). By Josep.Abad at Flickr.com. These setting suns were inspiration for our Costaluz logo.