The double sale of a property, as mentioned in our previous article, is considered another type of special sale and purchase.
I. What is a double sale of a property?
The double sale of a property is a situation that occurs when a seller sells a property to two different buyers, creating legal conflicts. This issue poses dilemmas for both the individuals involved and the real estate professionals who may be involved in such transactions.
II. What are the implications of dual property sales?
Firstly, the dual sale of a property creates a complex legal landscape as the principles of good faith and legality are violated in one transaction. Both purchasers believe they are entitled to the property purchased, which can lead to litigation, court disputes and potential financial loss for both parties. Courts are forced to determine who has the true right to the property, which can be a lengthy and costly process.
On the other hand, the dual sale of property raises questions about the integrity and accountability of the sellers and estate agents involved. Lack of transparency and honesty in a real estate transaction undermines confidence in the market and damages the reputation of real estate professionals. The codes of ethics of man real estate organisations expressly prohibit this practice and emphasise the importance of fairness and respect in all dealings.
III.- Precautions
In order to prevent the double sale of properties, it is essential that both sellers and real estate agents follow strict property verification procedures and conduct thorough due diligence before concluding a transaction. Proper documentation, transparency in communication with buyers and strict compliance with local laws and regulations are essential measures to avoid future conflicts. As stated in the current Housing Act.
IV.- Solutions to double selling
The solutions to this problem are set out in Article 1473 of the Spanish Civil Code.
- The first buyer to register the property in the Land Registry will be the owner, in accordance with Article 34 of the Mortgage Law
- If no buyer registers the property, the owner is the one who is in possession of the property.
- If no buyer has registered or taken possession of the property, the owner will be the one with the oldest title.
V.- What happens to the buyer who has lost possession of the property?
The buyer who has bought the property by paying the price of it and who cannot obtain the title to it, can ask the seller to return the amount paid, together with interest, and any damages and losses that may be applicable.
VI.-Conclusion
The double sale of a property is a legal challenge in the real estate sector. The problems arising from these situations underline the importance of integrity, transparency and respect in any business transaction. By working with honesty and professionalism, double selling can be prevented and solid and lasting relationships can be fostered in the property market.
With over 20 years of experience at Quikprokuo, we can advise you during the property purchase process to prevent this type of situation and help you defend your interests if a double sale has already taken place. Contact us here.
