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Is there a cooling off period after I buy a property in order to obtain a refund of my deposit?

Property Law

Antonio Flores Vila

29th of January 2001

Q. We offered on a property near Marbella on Friday 26 January 2001 and paid the deposit by credit card. Today, Monday 29 January we have decided not to proceed. Is there a "cooling off period", as there is in England, so that we will can get the deposit back?

We would be grateful for your advice. Thank you.

Grant Stewart
Beaconsfield, England

    A. There is no rule in Spanish law allowing you to withdraw your deposit without the consent of the developer. This possibility is restricted to timeshare sales only.

    I suggest an amicable approach to the developer. If this is not possible, and depending on the amount of the deposit, I suggest requesting from the developer the full package of documentation as per the consumers regulations, as well as a bank guarantee for that amount. If these are not complied with, which is quite possible, you are open to denounce the developer to the Consumer Protection authorities.

    By becoming a nuisance you may be able to obtain a refund from the developer as he will be happy to get rid of you. However, I do suggest an amicable approach before, and failing that, the above may prove of use.

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