...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 that deposit or can I viably renegotiate the completion date?
2007-03-14 02:27:18 · 6 answers · asked by HelsWigsy 2 in Business & Finance ➔ Renting & Real Estate
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
2007-03-14 03:35:54 · answer #1 · answered by ann.inspain 4 · 0⤊ 0⤋
You might lose the deposit. Spanish Law is entirely different. You need someone who speaks Spanish to act for you and negotiate for you to buy some time. Check the property isn't on land that is owned by anyone else. They can actually just take it off you if so.
2007-03-17 03:35:48 · answer #2 · answered by Chrisey 4 · 0⤊ 0⤋
Is there a solicitor handling the transaction and why is the bank so slow? Are the funds there? If you are in the clear, you should contact the vendor and explain the problem. Also contact the bank and tell them that you are likely to seek redress if they are found responsible for the delay.
But if you have a solicitor handling all this, get him/her to contact them.
2007-03-14 02:38:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Talk to the other party now, and you may be able to renegotiate the completion date. Speak to a local lawyer and ask their advice as they will know the local laws better.
2007-03-15 02:09:31 · answer #4 · answered by Clem 3 · 0⤊ 0⤋
It is best that you explain the situation to your attorney, they will in turn act on your behalf to inform the Vendors Attorney and re-negotiate another date of completion if they see fit.
Please consult with your Attorney to protect your deposit.
2007-03-14 03:46:53 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You could ask your lawyer to contact the vendors representative and ask for an extension.
2007-03-14 02:38:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋