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José M.
José M., Attorney
Category: Spain Law
Satisfied Customers: 5917
Experience:  Spanish Attorney
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We had a holiday home in Spain which was sold to a French

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We had a holiday home in Spain which was sold to a French couple at an agreed price of €125,000 with a 10% deposit paid in cash. At the signing of the Escritura they presented a French bank Draft for the outstanding amount and were handed the property keys by our Sale Agents in mid January of this year. This draft was paid into a Currencies Direct account to convert the entire sum into Sterling but the French bank on which it was drawn has not honoured this Draft to date citing internal authority problems in clearing it. Originally they stated that it would take 65 days to clear but under pressure from Currencies direct they reduced this to 21 days which expires on Monday 23rd March with no indication yet that they will meet this deadline. Will the French couple now in be in Breach of Contract of the Sale Agreement and are they liable to pay us the outstanding amount plus legal expenses and damages? Brian XXXXXXX

Submitted: 2 years ago.
Category: Spain Law
Expert:  José M. replied 2 years ago.
José M. :

Hi Sir,

José M. :

José M spanish attorney

José M. :

If you have a signed contract with a date when they have to pay, and a deposit for it, according to spanish law you are free to keep legally the deposit for you and sell the propiety to somebody alse

José M. :

Spanish law says that in case of deposit the seller could keep it if buyer do not finish the deal, or to pay in duble if it is the seller who can no end it

José M. :

So, you are free now to keeop the 10 per cent paid in cash and sell the propiety to another person

José M. :

Thank you

JACUSTOMER-tw7e9hc5- :

Jose

José M. :

Hi

JACUSTOMER-tw7e9hc5- :

Thank you for your response but just to clarify are you saying the best way forward now is to apply to the Notary for a cancellation of the Escritura? I have already indicated to the buyers that this will be my next action if the Draft is not honoured today after a promise from their bank of payment after 21 days working expires.

José M. :

The Notorio could do nothing if you do not go to sign You could notify him that you are not going to but it is not his problem

José M. :

To the buyers you just has to say that according to spanish civil code the deposit is lost as they have not finished the deal on time

José M. :

That is all

JACUSTOMER-tw7e9hc5- :

We have already signed but the Draft presented to the Notario appears to be worthless as the bank will not honour it leaving us out of pocket by some €112,000.How would you now recommend that I proceed? Surely it is the Buyers who are responsible for this as they are the only ones who can pay and rectify the situation. Is it likely that the Notario would issue a Cancellation of the Escritura for this reason? Thank you, ***** *****

José M. :

If you have signed the escritura and the propiety is now of them but they have not paid, you could sue them at civil court No crimninal court for scam will be admitted as you accept this way of payment

José M. :

The way to procedure iss to sue they at court. To manage it you should contract a locat attorney who contact they and advice they to pay you or if denied you will sue them at court

José M. :

It has to be fast if the propiety now is of them at the propiety register because they could sell it out and having nothing to pay you

José M. :

As soon as you sue them at court, your attorney could ask the judge to seize the propiety in order to aviod to be sold out to a third party

José M. :

Its very important to do it as soon as posible because if they sell it out to a third you could do nothing at all to get it back to you

José M. :

Of course, your atorney will demand them to pay the price they should pay you plus legal expenses and damages

José M. :

Thank you

José M., Attorney
Category: Spain Law
Satisfied Customers: 5917
Experience: Spanish Attorney
José M. and other Spain Law Specialists are ready to help you
Expert:  José M. replied 2 years ago.
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