I have been told that under Spanish property law if someone has paid more than 50% towards a new property then they cannot lose their money should the builder go insolvent/bankrupt – does anyone out there know if this is correct ? and what happens if you have paid 50% ?
I don’t think this is true, I think you can lose everything here (would be happy to be corrected though). during the last recession a friend bought a house and was faced with the prospect of having to purchase it again from a bank who had foreclosed on the builder. 🙁
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