Distressed properties

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11 Sep 2009 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 8888 posts Send private message

Legal Questions? Speak to Maria Direct

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!


 

Maria


 

web@costaluzlawyers.es


 

www.costaluzlawyers.es


 

 


 


 

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


 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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