Introduction
Purchasing a property is one of the most significant steps in a person’s life. It’s a massive investment, and every detail matters. In this context, what happens if after making a deposit or buying a home, we find out about concealed information? At Quikprokuo, specialists in real estate law, we’ll delve into this quandary.
1. Concept and role of deposits in Spanish Real Estate Law
Deposits are a widely used mechanism in purchase contracts in Spain. It involves an amount of money the buyer gives to the seller as a sign and guarantee of both parties’ commitment to complete the sale. Its purpose is twofold:
- Security: Both parties feel committed to carrying out the operation.
- Compensation: Should either party decide not to proceed with the sale, the deposit acts as a form of compensation.
Based on their nature, they can be:
- Confirmatory: Merely a price advance.
- Penitential: Allow withdrawal from the contract, with a loss for the buyer or double repayment by the seller.
2. Rights and duties in the scenario of undisclosed information
a. Obligation of Transparency
A fundamental principle in property sales in Spain is informational transparency. The seller has the legal duty to inform about any detail, flaw, or situation that might affect the interested party’s buying decision. It’s not just about physical or structural aspects of the property but also legal matters like pending litigation, easements, or urbanistic limitations.
b. Contract resolution due to hidden defects
Hidden defects are not apparent in the property, but they affect its use or decrease its value. If these defects that were not disclosed are discovered after purchase, the buyer has the right to terminate the contract. This termination means canceling the purchase and returning the paid amounts. Moreover, based on the defect’s severity and the seller’s bad faith, additional compensation for damages may be claimed.
c. Adjustment of the initial agreement: Renegotiation
If the buyer decides not to cancel the contract but believes that the omission of information has caused financial harm, there’s an opportunity to renegotiate the purchase terms. This could result in a price reduction, specific financial compensation, or the seller’s commitment to remedy detected defects or issues.
3. Action upon discovering undisclosed information
a. Communication with the seller: The first step
The initial reaction upon finding relevant undisclosed information should be to contact the seller. The omission might have been inadvertent or there may be a reasonable justification. Open and constructive dialogue can lead to amicable solutions and prevent prolonged and expensive legal proceedings.
b. Legal consultation: Arming oneself with information
Upon uncovering an anomaly, it’s vital to seek immediate legal advice. A real estate law expert can provide a clear perspective of the buyer’s rights, possible actions, and the outcomes of each option. Also, a lawyer can mediate the communication with the seller, ensuring the buyer’s interests are protected at all times.
c. Technical evaluation: Understanding the problem’s scope
If the detected issue involves the property’s structural, physical, or habitability aspects, it’s advisable to hire a technical expert or architect for a detailed assessment. This professional can determine the problem’s severity and scope, as well as estimate the associated solution costs. This data is vital if renegotiation with the seller is considered or if legal proceedings begin.
4. The importance of prevention
Often, prevention is the best defense. It’s essential to conduct thorough property research before purchasing, including legal, technical, and structural reviews. This can avert unpleasant surprises in the future.
5. Quikprokuo’s role in your real estate experience
With over two decades in the industry, our firm has assisted numerous clients in facing and resolving similar issues. We offer personalized and expert service, ensuring your rights as a buyer are protected at all times.
Conclusion
Acquiring a property requires care, attention, and proper guidance. With the right support, any obstacle can be overcome. At Quikprokuo, we’re ready to provide the assistance you need. Don’t hesitate to reach out, and let us guide you through the intricate world of Spanish real estate law.
