I've paid a deposit on the purchase of a Spanish property....?

Question

..... and have agreed a completion date. It now seems that due to the bank taking their time with the funds I may not be able to complete on the agreed date. Although it will only be a few days late, what is the procedure? Am I going to lose my deposit or can I viably renegotiate the completion date?

Answer 1

I hope firstly that you have engaged a lawyer in Spain. If you have then ask them to negotiate with the builder, as it's only a few days I can't see any problem they are usually quite understanding (most of them at least) that is of course if it is a stage payment new build.

If it is a resale again I can't see the owners having a problem with that either. I  sell property in the Costa Blanca south, and as alot of our buyers are coming from the UK we have to be a little flexible regarding dates due to various reasons like flights etc. Be up front, don't leave it to the last minute tell them straight away! If it is a Spanish bank, your lawyer or their lawyer should be able to verify that it is them dragging their feet not you., and can sometimes give them a bit of a hard time pushing them into action.If it is simply because you have changed your mind, you WILL lose any money paid. If however the owners drop out the law is that they have to pay you double what you have given them.

You should have no problem, good luck.

Answer 2

SEEMS LIKE A TOSS OF A COIN TO ME

Answer 3

You must speak to your solicitor in Spain immediately or you could end up loosing your money and the property.

Answer 4

It depends what is written in the contract. Have you got a copy of it in English. Legally the vendor can keep the deposit unless it is stipulated that the contract is governed by lets say being able to get a mortgage. If this is the first hold up then the vendor/s would more than likely agree to a different date, providing you and or your solicitor contacts them early enough to keep negotiations open.

Depending on how long the property has been on the market the vendor/s might extend the deadline in order to keep the sale and not have to re advertise

If you are in Spain at the moment and can go round to the vendor/s then do so asap as a personal approach is often much better than a letter coming through the post. Take an interpreter with you if necessary.

Find out from the bank what the hold up is and get an assurance from them that you can show to the vendor/s

Good luck

Anna

Answer 5

It is possible that you will loose your deposit.  Try to contact the owners to explain the situation or you may need a lawyer. Try also to speak to the bank.  Things do go slowly here but I waited when I sold mine, so good luck to you.