Legal Question in Real Estate Law in Spain

Buying in Spain

I bought an old property in spain in need of 'decorating' etc., I did not get a survey done, and was assured that it was ok and the Bank would not lend me money on something that was not secure.

The bank did lend me money to purchase on a mortgage, and now the house has severe structural problems and has been rendered unsafe. This was covered up for selling purposes. Is there anyway that I can get recompsense from the vendors who are Spanish and the estate agent who acted for them. I have had the property just under a year. I cannot use it. The bank said it was my problem, but they valued it for mortgage lending. I wrongly assumed that because of this it was a viable concern. I asked the bank if I defaulted on the mortgage would they repossess it but I would still be liable for all interest accrued while they sold it?


Asked on 11/22/06, 6:36 pm

1 Answer from Attorneys
Jorge Ulises Corona Herrero Aliona Abogados

Re: Buying in Spain

Dear Sir/Madam,

With the information you have given in your question is quite difficult to give you and acurate answer.

Abnyway, the vendors may be liable in case they sold property knowing the defaults and this defaults are so important that you wont have bought the property. In this case, you will be able to "un-do" the operation.

As for the bank, if you stop paying the mortage the bank will, first of all, execute your guarantees (house) and if it's not enough they may pursuit some other properties, capital, etc you may.

Please don't hesitate to contact Aliona Abogados, should you need further assitance.

Regards

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Answered on 11/27/06, 7:40 am


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