November 29, 2005 at 9:29 pm #51394
I thought I would share my experiences with the forum. In April this year I came very close to buying an apartment in Guardamar del Segura. The agent I came across certainly did not put any pressure on me, however neither did he show me a good variety of properties. In fact I only saw the apartment I was interested in the day before my departure. Obviously, it was the only one left and if I was interested a reservation fee had to be put down quickly as I was departing that day.
I was not prepared to be rushed and to be fair the company accepted that they would hold the property for me without a deposit until the following day so I could have a good think about it. I asked for the draft reservation contract so I could read it on the way home, the company were not too keen on this but agreed.
What a good job I saw the contract. It was weighted totally in favour of the builder. it was clear that should the purchaser ever default on any payments the vendor could terminate the contract and keep the purchasers money paid so far as compensation. The vendor on the other hand was allowed to be up to six months late without any breach of contract and even after that there was no mention of compensation.
Another clause that greatly worried me was one about executing the public deed of sale at a Notary’s office (such Notary to be chosen by the vendor but paid for by the purchaser) and the purchasers being required to attend for the signature thereof when requested by the builder. Failure to attend would result in a termination of the contract and loss of money.
I wonder how many people sign a deposit contract and are then tied to sign the purchase contract within a day(otherwise they loose their deposit) thus having no time to check with an independent lawyer.
I for one may still buy but I will not part with any money until an independent lawyer who speeks fluent Spanish has looked over the documents and until my lawyer and I have both seen the legal documents to the property and ensured all is in order. If this means the property I am interested in is sold to someone else then so be it. I would never buy a property in just 3 days in the UK even though I know the market and speak the language so why would do so in Spain?
The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.