Distressed properties

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 |

Forum home :: Latest threads :: Search forums
The Comments
11 Sep 2009 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 8838 posts Send private message

mariadecastro´s avatar

All warnings are not enough!

Legal tip 127. Beware of distressed properties on sale
20 August 2009 @ 09:46


Some distressed properties are being sold by developers/ agents, whose initial buyers did not come to the completion of the property ( due to lack of finances, developer´s delay or any other cancellatory breach...),at a much reduced price: the fall of the market and the fact of a 30% deposit being already at the seller´s pocket make this possible.


The danger is here:  the  1st buyer still has on the property:


-  15 years to act for contract cancelaltion and refund of money paid ( if there is ground for contract cancelaltion) or


-   No deadline to finally buy,  as long as his contract is not cancelled  the buyer keeps buying rights on the property.  


Imagine you buy ( 2nd buyer) a distressed property now and  in two years´ time, once there is some recovery in the financial industry, the first buyer wants now to buy what has been offered and bought by you at a much reduced price. According to a contract he has with developer and which has not been formally cancelled, he has buying rights on the property you also bought:


What would you find then? Yes, a crime by theseller but.... a nightmare for you as a Judge might end up passing a decission by which the initial buyer has rights to buy and you just a judicial action against the criminal seller for the money you paid and .... no house.


It is always advisable to have a good independent lawyer. Believe me!











Toalla en Aguadulce, CostaBallena, Cádiz by Photo Javi at Flickr.com



Maria L. de Castro, JD, MA


Director www.costaluzlawyers.es

El blog de Maria

Like 0      

Pages: 1 |

Post reply    Start new thread

Previous Threads

UK registered cars in Spain - 5 posts
Advice required, Title / Deed Transfer - 3 posts
short term parking at or around murcia airport - 1 posts
Ryanair Baggage return flight only - 17 posts
Would anyone be interested? - 4 posts
Tips for increasing your Spanish property rentals online - 6 posts
Taking a dog from Spain to France and back? - 11 posts
Lost SIP Card - 2 posts
Is It Time For Plan B - 118 posts
Wireless Internet - 0 posts
CAM Bank - Annual interest rate change on loans - 3 posts
Justin, Private messages. - 2 posts
Fire on Estepona Mountain - 7 posts
computer screen gone mad! - 2 posts
Medical Advice if you're moving to Spain - 1 posts
EOS Spanish Course - 13 posts
Gardner & Handyman and homemade cakes! - 0 posts
new sky cards - 5 posts
Inheritance debts! - 6 posts
Pool price - 1 posts
Spain court jurisdiction - 5 posts
by train from the ferry terminal at Denia to Totana - 3 posts
Changing avatar etc - 15 posts
Wanted - Folding BIke - 5 posts

Number of posts in this thread: 1

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.

1 |
Our Weekly Email Digest
Compare car hire in Spain

This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x