In the past years, the Spanish banks and saving banks have been owning properties as payement of their unpaid mortgages, in long processes of repossession from unfortunate debtors.
Banks like CAM bank, La Caixa, Solbank, Bankinter, BBVA, Santander, Popular, Caja Murcia, etc, are now the biggest real estate agents, and the owners of the majority of the properties in the Spanish market.
Due the current financial situation in the difficult Spanish property market, banks are forced now to sale the properties repossessed with very low and interesting prices.
So, during the last year, the number of buyers interested in these kind of properties has increased drastically.
Properties coming from bank’s repossessions must be studied carefully, and with special attention in points that, usually, buyers do not pay attention, due to the fact that they think these properties have all the guaranties as coming from a bank. THIS IS NOT ALWAYS TRUE.
TLACORP lawyers, with more than 8 years in the Spanish market, and with 5 years in repossession activities with some of the most important banks, we have to say that these kind of transactions must be studied carefully, due to the fact that ….
BANKS DO NOT OFFER THEIR PROPERTIES WITH ALL THE LEGALITIES AND GUARANTIES.
This is because, banks, when they take possession of properties coming from unpaid debts, they just get the ownership, without to make the searches on that property. So, when they sale these properties, searches are not done!. We have repeated cases in which buyers they are in big problems with their properties, bought from banks. They thought searches were not necessaries because they thought the bank was doing it. And, the real situation is exactly the opposite.
The bank can guaranty the ownership of the property. But, that’s all. They do not use to guaranty essential points like if there is a fine affecting the property for construction, even if there is an order for demolition!.
Sometimes, the buyers find there are debts for the community of owners, or problems to renew the Certificate of Habitation, or to update new parts of the property extended and not declared in the deeds!.
Our services would start making a previous legal checking of the property, the land, and the construction of the property (checking the legal and the administrative situation of the estate). For this, we apply for the information about the property in the Town Hall where the property is placed, talking to architects and inspectors of the area. The reason of this is to obtain an exact legal situation of the property for construction, licenses, building permits, etc. With this, we will guaranty our clients that there will not be any actions, like fines, demolition applications, etc., in the public institutions regarding any eventual illegal construction, or work over the building.
To make a complete study of the property is especially important in repossessed properties from banks.
Purchase of a property is a very serious investment. In fact, one of the most important decisions in the life. It is compulsory then to know exactly the different aspects of the property, what we call: The History of the property. Knowing from the beginning how the property was built, how it is considered now, and how it will be in the future with the eventual developments in the area will make secure the high efforts and the investments derived from the acquisition of the property. Only specialist in properties, with expertise acknowledge of the area, can confirm to you this information to give you completely peace of mind.
We are a company expert in construction and real estate with more than 8 years experience in the area. Our clients, they have bought their properties and enjoyed them without problems for years.