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Thread: Selling in Spain

  1. #1
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    Default Selling in Spain

    We are in the process of selling our property in spain. The buyer wishes for us to come over, although they havnt paid a deposit and pay with a bankers draft at a notaries office. Are we protected in any way after we have signed the docs? e.g. what happens if the draft isnt honoured?

    many thanks in advance

  2. #2
    Senior Member
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    Oct 2008
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    Dear Sir/Madam,

    If the cheque isn't honoured you will have lost your home and you will have to initiate legal proceedings against them which can take some time. In any case, you have the home as a guarantee of payment unless they sell it on to someone else in the interim and dissappear...

    That is why in despite of what many self-appointed forum experts claim, we always recommend that both purchaser and vendor use their own lawyers to avoid problems such as the one above which can easily be overcome hiring a Spanish registered lawyer.

    We take the opportunity to offer you our Spanish Conveyancing service for the sale of your property. Please feel free to contact us on the matter. I'll send you a brochure with reasons on why a vendor should always hire a lawyer for a conveyance procedure.

    Yours faithfully,

  3. #3
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    Default selling in Spain

    Many thanks for your response sir. Is there any way of us checking that the Bankers draft would be honoured? We were even advised to give the selling agent in spain powers of attorney, which we refused. I have in the meantime used your contact us form.

  4. #4
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    You're welcome.

    Of course. There are cheques which cannot bounce as they are guaranteed.

  5. #5
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    Default The protection offered...

    That is why in despite of what many self-appointed forum experts claim, we always recommend that both purchaser and vendor use their own lawyers to avoid problems such as the one above which can easily be overcome hiring a Spanish registered lawyer.
    Speaking as a vendor, if a Spanish lawyer is involved (hired by the vendor's estate agent in my case), what guarantees are in place when the purchaser wants to pay by banker's draft?

    If the banker's draft is not honoured in this case, is the Spanish lawyer liable?

    If you give the lawyer power of attorney, and they sell the property in your absence, and then no monies arrive... again, is the Spanish lawyer liable?

    Surely, it would again just involve a lengthy legal process, the target being the lawyer rather than the buyer...?

  6. #6
    Senior Member
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    Oct 2008
    Location
    Marbella
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    Default

    Dear Sir/Madam,

    No, the target would be the buyer.

    If the property is paid by banker's draft there will be money in the account as the bank is guaranteeing it.

    You do not have this guarantee with a normal cheque.

    In any case, alternatively the lawyer may be blamed for having accepted a normal cheque which can bounce. That's why we qualified lawyers pay a professional indemnity insurance which doesn't come cheap and increases over the years.

    As for a lawyer purposely withholding the sales proceeds it would be extremely foolish as in Spain this is a crime sentenced to jail. I doubt any lawyer would be willing to take a chance on such a delicate issue. In our experience a Criminal legal process is in fact very swift as the defendant will be more than willing to refund the funds or else face the grim prospect of a Spanish jail.

    Yours faithfully,

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