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Answers To Common Questions About Spain

There are many questions that arise all the time about Spain. Some of them are very common questions whilst others are very specific. I'm going to be answering common Spain related questions every day. You can even suggest some yourself if you like! Just leave a comment.

Q: Is my deposit money safe?
Tuesday, May 19, 2009 @ 12:24 AM

 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.



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joseph meehan said:
Monday, June 8, 2009 @ 4:19 PM

i have spoken to aldea advisors today regarding return of stage payment.The only person who can answer queries about this is the general manager and he has told his secretary not to put calls through to him.When i asked if i should ring back in an hour she said you can ring back whenever but the answer will be the same.I asked about return of payments and she more or less said she is inundated with similar requests so i told her my next course of action would be another solicitor or the spanish police. To this she replied that she would do the same.i have always been confident that my money was safe with a professional body but it seems not and would advise any other affected people to get all documents together and appoint another solicitor now. you will not get your money back through aldea advisors start proceedings today!!!!!!!!!

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