Legal tip 209. A tip if you are still interested on buying in Spain

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08 Jan 2010 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 9001 posts Send private message

Legal Questions? Speak to Maria Direct

 Legal tip 209. A tip if you are still interested on buying in Spain 
08 January 2010 @ 08:13 

Now that Banks and Saving Banks in Spain are starting to think they would better be in the mood of selling properties at a real price, they are putting balance to the market they, mostly them, unbalanced during the boom. Nature is wise. After the storm, clean and balanced  air always comes: that is what we need to be looking for, in terms of financial strategies for the correct development of society. Even in Spain when recovery still has a long and tough run to do.

Law also needs to make the effort to stablish some healthy frames for the future of this XXI century which, being the century of globalisation, need to look to the future of our brothers still under developed, for the benefit of all. Win-win schemes, cooperation, generosity. Globalisation for individual ultra-benfits has already proved to be a disastrous approach, so... let´s turn globalisation to this other way.

Again, some philosohpy... I am sorry! Now: a practical tip:

For you, property claimers without Bank Guarantees in Spain: if you are still interested on buying in Spain in the future, a  tip for the 2010 to take today:  

Contact the Bank which financed the development you put deposits on, that Bank which was under Law 57/68 article 1.2 obligation to secure on the existence of Bank Guarantees, and try to deal for a property at a real, real good price. If they refused, that petition may at least be the start for the judicial application for liabilities under the said article.

Have a great weekend!



Maria L. de Castro, JD, MA



El blog de Maria

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10 Jan 2010 13:16 by Deeleys Star rating. 16 posts Send private message

Hi Maria

My bank did not secure a bankers guarantee or ensure a special account was opened and allowed funds to be embezzeled to other companies to try and leave the developer insolvent.  My solicitor has given a case to the public attorney denouncing the companies involved in this fraud.  The solicitor will not denounce the bank as she feels they are protected and they may sue us instead.

After reading your legal tip, if I still wanted to purchase in Spain should I get my solicitor to tell the bank that they have failed because of law 57/58 and that we are prepared to do a deal?  I still have a mortgage offer from the old purchase and the bank has stated in the past that I could still have the original property (when eventually completed) for the cost of the mortgage only (ignoring the original 19,000 Euros deposit). 

I have seen a lot of new build properties for sale on the bank's website.  Do you think it reasonable to make an offer to the bank for a property currently worth 19,000 more than my mortgage (for the cost of the mortgage)?  Even though they have already reduced prices in the past?  (This would make up for the 19,000 loss, although I would have to pay capital gains on this amount if I sold in the future).

Could I still do this deal with the bank while the fraud court case goes ahead?

Any help would be much appreciated.



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