September 2, 2006 at 9:46 am #52189
This article in yesterday’s Sur in English might be of interest
It seems that they will not only go after the estate agents, they are following up on developers and builders, including labourers on site.
September 2, 2006 at 10:55 am #65423
At last, some of the agents who knowingly mis-sold are going to be investigated. Many of the problems would not have happened in Spain if these agents had been honest from the start, they’ve got to be accountable too as well as the developers and some lawyers.
I remember an agent clearly selling new development without building licenses in place, and also selling developments where the purchaser was expected to complete in part with B. Money to the large ‘crooked’ Developer, and they had an API Number (although this was regd. to their lawyer and not them).
Any honest agent would not have marketed these developments in the first place!
September 2, 2006 at 12:33 pm #65430
In relation to the above article in sur in English I would like to say that if the
estate agants were honest and upfront from the start then people would not find themselves in the position they are now , living in or purchasing
properties that are not legal. I think that the estate agents who are involved in the illegal properties should be investigated as they were supposed to look after the best interest of their client, and not the best interest of the developer.
September 2, 2006 at 3:59 pm #65437
I think that, as well as sorting out the corruption amongst estate agents, the Spanish government should bring in legislation to regulate the profession.
But having said that, Lawyers are regulated by Colegios but that doesn’t prevent corruption and misconduct flourishing in Spain. And this, from professionals that are supposed to uphold the law of the country.
PS Of course I am not talking about all lawyers. Just the ones in the famous triangle Developer-Agent-Lawyer.
September 4, 2006 at 3:22 pm #65481
charlie, I’ve hoped the Spanish Gov’t would regulate their property industry correctly for years but the truth is they turn a blind eye to this issue because it’s all about bringing in vast revenue to their coffers through stamp duty and other taxes etc. A report in the S. Times recently said the Spanish economy would go into serious decline (even crash) if their was a slowdown in their massive residential develoment and subsequent sales to foreigners.
Hence the scammers are still allowed to operate generally with impunity.
However, the over-development leaving ugly scars along the Costas along with property reputed to be as much as 30% over-priced there, and rising crime and water shortages etc, may yet get them in the end. They are now reducing capital gains tax substantially to foreign investors and holiday home-owners which suggests the Government are very worried. They want investment to continue so here come the perks!
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