Answers To Common Questions About Spain

 I received the following question from Marty O:

"We paid our final payment to our advisors back in December 08 but cannot sign for our property because there is an embargo on all the builders properties. The builder is Promobys. Do you know anything about this? Is our money safe with the advisors - Aldea Advisors or should we ask for it to be returned to our bank account? Thank You."

I think the first thing you need to do is understand what the embargo is on the developer.  I am not familiar with this developer so cannot comment on that.

Is the developer in financial trouble?  Are they in "concurso"(administration)?  If this is the case then I would certainly advise you to get your money returned.  If not then you really need to understand why the property has been embargoed.  I assume it's a legal dispute which means if it's going through the Spanish courts it could take years.

Aldea Advisors should have your money in a private client account.  Can they confirm this true?  Have you asked them if you can have your money back just to see what they say?  What about the rest of the money you paid?  Do they have this or did they hand this over to the developer already?  And do you have a bank guarantee?

I would just advise that you fully understand exactly what your position is and whether you can jump out if, or when, you start feeling uncomfortable with the whole thing.

Best of luck.

If you would like me to answer a question for you then please leave it in the comments below.

This post is brought to you in association with Livingstone Estate who specialise in overseas property including off plan property in Bulgaria and off plan property in Turkey.