[Anonymous]

The management company I have have just started to use, informed me last Friday that they are now closed and are in administration. The rental income they owe me amounting to just over 3000Euros is I understand lost. My question is: are management / rental companies in Spain obliged to post a bond or insure when they collect money on behalf of owners? Or is there any other type of regulation to protect owners?

[katy]

I don’t think there is any regulation. It happened to us once although we did manage to get the money back through personal contact. Only use a management company where the rent is paid direct into your bank account. It happens regularly on this coast where the agency runs off with the money 👿

[Anonymous]

Thanks but they were supossed to send the money to our bank.

[Anonymous]

Spain is very much an unregulated market place and stealing clients moeny is the norm.

Businesses are closing by the minute over here so don’t let anyone hold your money or pay over any deposits whatsoever!

Count yourself luck it was not more.

case 1 – Buyer pays EUR700,000 deposit on land. Estate Agent runs off to Brazil.

case 2 – Buyer pays EUR300,000 deposit on EUR3m villa. Vendor pulls out and vendor’s “Reputable” Elivia conveyancing firm keeps deposit

I might add we were not involved in original transactions.

[Author]

Posts