Spanish Property Disasters and How to Steer Clear of them
There have been reports of people falling victim to Spanish property purchases that could have been prevented by obtaining professional advice. Enclosed are horror stories of Spanish properties and ways to avoid them. When a development was being built, a couple bought a home there only to find that shortly before the development was finished, the development company went bankrupt. They had to purchase it to avoide their property from being taken by the bank. Even though there was an outstanding mortgage it was left payable to the bank instead of transferring over to the new owners of the deed. A family lost their home to the bank and couldn’t get it back even with a huge loan. Even though the lady purchased the land with no road, they would not pay her for the land they used to make the road. The regional government has no obligation to communicate with the new owner after the purchase since the property was officially registered as land alone, as opposed to registering it as property containing a home. One gentleman visited Spain at his own cost to look at a resale property that appeared to be an excellent value. He was not able to obtain the mortgage because the property that he was interested in was not legally registered, which was not realized until after spending money on visits, lawyers, and reservation fees. Another gentleman who was familiar with the village that he was looking into investing a house into, place down deposits on the off plan property. During the construction phase, the first developer went bankrupt, spawning yet another developer that never even finished the project. The project does not meet the current five year build plan for the area and there is no full license and planning granted to the owner or the builder so the project is on permanent hold. All of the above cases could have been avoided entirely with the right advice upfront from a company that works solely on the behalf of the buyer. Many Spanish property buyers should consider hiring professional help like when it comes to home contracts, since you can avoid all of the stress and avoid these problems as mentioned in the previous stories. International Mortgage Solutions based in Marbella offer a full Spanish Property Finding Service that will help you avoid all these problems.
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