Due to the economic paralysis in Spain as a result of the coronavirus, Despacho Lamas is preparing to share a daily article to help clarify any doubts that our clients may have in these days of uncertainty and concern.
Given the exceptional situation that we find ourselves in, many clients have asked us how they should act when faced with the possible purchase of real estate in Spain.
To answer this question, we must differentiate several scenarios and in this short article we will tackle the second scenario.
2º.- There is a signed purchase option for the buying and selling of real estate.
Following the guideline of the previous article on how to react to the Coronavirus process, if we are in the phase of buying a real estate, it may be that this crisis finds us in the situation where have already signed a purchase option contract, at effects of reserving the property against the payment of a price.
This situation prevents us, except in exceptional cases, from resolving the contract and therefore we must find intelligent formulas to carry out the operation successfully.
The first action is to review the option period we have to do the payment of the rest of the price and since the notaries (complying with the exception decree) are closed to the public, we must negotiate with the seller an extension of the term to go to a notary.
It is important that the seller accepts this term in writing and reliably to guarantee our right. It is advisable to extend the term in the agreement, specify the date of appearance before a notary but clarify that dates may be extended if the emergency situation continues. It should also not be forgotten that many buyers and sellers are non-residents in Spain and therefore have no way to reach cities in Spain and in our specific case Mallorca. This fact aggravates the situation for the closing of operations before a notary. The most feasible solution, in the event that this situation continues, is the granting of a power of attorney to our lawyer to be able to buy or sell, where its content and effectiveness will be discussed in the next article.
We hope this information is useful to you and tomorrow we will answer more questions.
Thank you very much.