Early completion = Early final payment

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    • #51212
      Anonymous
      Participant

      Has anybody experienced the following or have any advice to offer a very worried new boy!

      Having placed a deposit on a new build in May of 2004 we agreed stage payments to finance our dream. We have paid the first three stage payments which is equal to 50% of the final purchase price. Our contract details stage payments for various dates through 2004-5, the final payment being August 2006.

      The builder has now informed us the property will be finished in October of this year 2005 and that they want final payment sooner than the final stage payment and also a meeting with the notary has been fixed for 28th October.

      Our problem is that we have used all our savings to finance the first three stage payments. The final payment was to be achieved by selling our home here in the UK in the new year (2006) which would then finance the final stage in August of 2006.

      Spanish solicitor informs us that early completion in Spain is very unusual but part of the contract states that final payment is when the building is completed. Does this mean the stage payment dates are null and void?

      Would really appreciate any comments any one has.

    • #58694
      Anonymous
      Participant

      It really depends on how the contract is worded. If it says “final payment is August 2006, or when building is completed” (or something similar) then payment would be due when the building is completed, assuming it is completed to your satisfaction. If you e – mail me the relevant section of the purchase contract, terryhelvetia@aol.com, even if in Spanish, I’ll let you have my opinion and also that of an independent Spanish lawyer.

      Regards

      Terry English

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