Legal tip 300. Banks properties for Banks liabilities

Legal tip 300. Banks properties for Banks liabilities
15 June 2010 @ 11:24

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 Some clients joining this scheme.

Let´s see how Banks react and if they can see further than their own egocentric numbers

Kindest,

Maria

Hi Maria

I like the idea of this, but would the amount to "spend" on a property include interest and costs.

I am due to visit in 2 weeks to look at property, so would be interested to see how it would work.

Regards

In purity of terms, it has too.

Always it can be part of a good negotiation with the Bank.

Maria,

I'm confused by your answer there...... does the amount to spend include interest and costs or is this a false assumption (or too optimistic)?

If costs and interest would not be made available for some significant period of time then it's important to point this out to clients......

Also your blog mentioned this "Property lowered by the non guaranteed amounts."

So does this mean that costs and interest awarded to date would have to be written off by clients under this scenario?"

Hi

If i am looking at PW apartments how would I find out which banks own which and would the agent or my lawyer broker a deal.

I feel this will be a tricky proposition in England never mind in Spain.

i.e.  Proprty 60k ,money owed 40k from bank to buyer, costs 6k, mortgage of either 20k or 26k.

Its far too simple to work in Spain

Any thoughts

Maria

What happens to properties that had no habitation certificates, that were seized by the banks. People put deposits on new houses that were completed many years ago, but for some reason or other there was never any Habitation Certificate. The banks now own many of these houses but what can they do with them until they have a certificate they are unsellable? 

Mara,

For clarity can you please confirm if legal costs plus interest as awarded by court rulings against the developer who breached the contract would be part of the debt claimers have against Banks.

Or are these legal costs and interest associated with the case proving the developer actually breached the contract  not recoverable from the Bank?

Sorry to press the point but there is still some confusion I'm afraid.

 Some answers:

Ads: What I am doing here is just launching an idea which might work for those of you with a credit against a bank ( either from Bank Guarantee enforcement or any other liability of those stablished in Law 57/68). 

Initially, these debts include interests and legal costs.

The proposal I am thinking about would be to buy a Bank property in exchange of debt amount. Again: just a proposal. Subject toof course the decission of the creditos, who might legitimately want the money, and subject also to negotiation client-bank in every case.

Trowell: Search into the Bank´s properties website and see what they own in Polaris. Legally this is a quite simple scheme. They transfer property to you in exchange of debt relief. You will be paying transfer tax in accordance to the value acquired ( price of property on the deed). 

M11 block: They are unsellable till the Bank obtain a First Occupation License. Notaries and Registrars will not be able to authorise transactions of properties without FOL. Private agreements can be made between interested parties where they can attach determined effects to the fact of obtaining/ not obtaining a First Occupation License.