Reply To: Desperate vendors selling below original Escritura value



Thank you for your reply Drakan.

If you were my purchaser’s lawyer (and not my vendor’s lawyer) would you advise that they proceed at 299500?? The way I’m feeling is that we should recommend that client and vendor go to completion but that a percentage of the sale proceeds (maybe 5 or 10%?) should/could be held in escrow by the Notary for a period mutually agreed by vendor/purchaser (18 months?) against any potential fine until Hacienda have closed their business for that tax year.
Would this be a valid suggestion to make to both lawyers?

Incidentally, this is the solution we are using for non-mortgage clients who wish to go ahead with purchases currently under investigation relating to Marbella Town Hall (except for a few developments which we are not touching such as Banana Beach). However, we are requesting 10-20% retention for a minimum of 2 years.

Your comments welcome.