Buying a Property in Spain? 10 Reasons to Hire a Lawyer

[David Hamilton]

This is the discussion thread for the article Buying a Property in Spain? 10 Reasons to Hire a Lawyer (http://belegal.com/articles/showArticle/buying-property-in-spain-hiring-lawyer)

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We live in UK and have bought in Spain with completion in May. We moved the needed sterling to the lawyers client account to avoid euro rate weakness. So a large amount of money will stay in the lawyers client account.
Are these client accounts safely covered by regulations?

[Antonio Flores]

[QUOTE=David Hamilton;44260]This is the discussion thread for the article Buying a Property in Spain? 10 Reasons to Hire a Lawyer (http://belegal.com/articles/showArticle/buying-property-in-spain-hiring-lawyer)

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We live in UK and have bought in Spain with completion in May. We moved the needed sterling to the lawyers client account to avoid euro rate weakness. So a large amount of money will stay in the lawyers client account.
Are these client accounts safely covered by regulations?[/QUOTED

Dear Mr. Hamilton:

Clients account are protected by lawyers' insurance insofar as professional negligence is concerned. However, this cover does not extend to instances of fraud i.e. misappropriation. Therefore, what we would suggest is that you evaluate these notions and decide based on them. There is another possibility: there may be a possibility to open a bank account with the same Spanish bank, remotely, or if this proves difficult due to the bank's refusal to do so, try an online only bank i.e. ING direct.

Antonio Flores
Abogado/Lawyer LLM (Essex) - Reg. Nº 4712 I.C.A. Málaga
E-mail: aflores@lawbird.com
Homepage: http://belegal.com/blog-by-antonio-flores/