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Help with villa purchase about to fall through

Discussion forum for expats moving to or living in Spain.

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Help with villa purchase about to fall through

Post Posted: Fri Jun 23, 2006 11:47 pm

Hi,

We are (were) buying a villa in Spain and have paid 30,000 euros a few months ago to secure it / deposit etc.

Due to our house chain here and solicitors being completely useless we are not going to meet the completion date in Spain (June 30th) by 1 week - 2 weeks.

The agent in Spain has told us the owners of the villa will not budge the completion date as they are going on holiday and they will walk away with our money and put the villa back on the market. This seems crazy to me for the sake of waiting a matter of days they will put it back on.

However apart from the upset of losing the villa we can't afford to lose 30,000 euros.

We are not pulling out, just asking for another week or two. If they choose not to give us more time, surely they are pulling out and therefore should give our money back?

Where do we stand legally on this? We don't want to ask the solicitor in Spain at the moment as we are hoping for a last minute miracle here and also due to things the agent in Spain has said wouldn't be sure of the integrity of the answer we got anyway.

Any advice much appreciated, thank you.

 

sarahb_work
Regular Poster
Regular Poster
 
 
  
Re: Help with villa purchase about to fall through

Post Posted: Sat Jun 24, 2006 1:41 am

- sarahb_work

Hi,

We are (were) buying a villa in Spain and have paid 30,000 euros a few months ago to secure it / deposit etc.

Due to our house chain here and solicitors being completely useless we are not going to meet the completion date in Spain (June 30th) by 1 week - 2 weeks.

The agent in Spain has told us the owners of the villa will not budge the completion date as they are going on holiday and they will walk away with our money and put the villa back on the market. This seems crazy to me for the sake of waiting a matter of days they will put it back on.

However apart from the upset of losing the villa we can't afford to lose 30,000 euros.

We are not pulling out, just asking for another week or two. If they choose not to give us more time, surely they are pulling out and therefore should give our money back?

Where do we stand legally on this? We don't want to ask the solicitor in Spain at the moment as we are hoping for a last minute miracle here and also due to things the agent in Spain has said wouldn't be sure of the integrity of the answer we got anyway.

Any advice much appreciated, thank you.



Hi Sarah

Please talk to your Solicitor he may be able to help you, after all thats why you have employed him to work on your behalf, and talk to your bank in Sainor the UK they maybe able to give you a bridging loan but you will have to be quick as you do not appear to have much time. 30,000 is al ot to loose

Hope every thing goes ok for you

Rosalie

 

Rosalie
Frequent Poster
Frequent Poster
 
 
  
Re: Help with villa purchase about to fall through

Post Posted: Sat Jun 24, 2006 1:54 am

Hi,

Thanks for reply. We already have a bridge lined up but they will only release when we exchange contracts over here which hasn't happend (deadline was today).

We're worried because we gave the Spanish solicitor power of attorney a few months ago when contracts had to be signed so can he just authorise the release of our 30,000 euros to the owners? It's currently in the spanish estate agents account and has been there since we transferred it back in April.

Thank you.

 

sarahb_work
Regular Poster
Regular Poster
 
 
  
Re: Help with villa purchase about to fall through

Post Posted: Sat Jun 24, 2006 3:02 pm

Sarah I'm really sorry to hear this but sadly it is the norm here that if you don't comply with your side of the agreement the vendor can keep the deposit and vice versus if the vendor pulls out they have to pay vendee double the amount of the deposit back but only if it was stated in the original contract, was it?

I have been in both of these positions before and both times managed to come to an agreement talk to your solicitor and the vendors and hopefully you can sort it out, its too much money to lose. I hope it works out for you.

 

Raquel
Frequent Poster
Frequent Poster
 
 
  
Re: Help with villa purchase about to fall through

Post Posted: Sun Jun 25, 2006 3:51 pm

Hi Sarah,
Why did you put such a large deposit on the Property, in Spain you can arrange to have a Post Dated lodged at the Lawyers Office, on the day of the sale, you normally, arrange to meet at the office of the Notoria who does the Conveince Work, there would be Yourselves, the Vendor, and any Creditors that the vendor is owing money to.
The depost you have paid into your Lawyer is then split up, the Creditors get paid first, the Notoria and the balance of the sale is paid to the Vendors.
But speak to your Abogado in a hurry.

 

Soulcollector
Newbie
Newbie
 
 
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