Endorsing a mortgaged person is a really important commitment. Do not forget that, in the event of non-payment of the loan, respond with your present and future assets. Under normal conditions, the guarantor cannot lose anything to fear, but the crisis of a few years ago showed us that a person may be responding to his debt one day and losing his job and staying in the street the next day, having lost his home and that of the guarantor, in addition to having this to continue paying. In this post, we detail issues such as when the endorsement would disappear and when they might have no doubts....continue reading "Five aspects of the nullity of mortgage guarantees"
An Estepona-based lawyer, Óscar Calvo, has succeeded in obtaining a legal resolution which improves the situation for off-plan property buyers.
Those who bought homes off-plan customarily signed a deal with developers and the bank which guaranteed the refund of any monies paid upfront if the property was not handed over as promised. However this guarantee was invalidated once the primary occupation licence was issued.
Now the situation has changed with the judicial resolution obtained by Calvo which eliminates this invalidation process because it is unlawful. Buyers who signed up to this bank guarantee after 1999 can request a refund.
According to Calvo, he was able to push for the court resolution because the law has been badly interpreted.
...continue reading "Legal resolution changes the situation for off-plan property buyers"