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Do you know what the biggest problem is when buying a second-hand home? Not what you see, but what you don't see. Hidden defects are those little time bombs waiting to explode... and guess what: proving it in front of a judge is not that easy. You need to meet certain requirements (and convince the judge) that the problem was invisible, serious, and was already there when you bought it.
Buying bank-owned homes is an attractive option for those looking for affordable real estate opportunities. However, there are several options, and not all of them are suitable for everyone. In this post we show you the 5 most common modalities, for what type of buyer each of them would be and what risks they entail. From the most opportunistic, for qualified investors, to the most common options (where there is hardly any difference with the market price).
Would you gamble your savings in the red at the casino? So, why are you thinking of buying a house without hiring a professional technical inspection? An inspection of the house you are going to buy can save your life (financially speaking). Foreigners have it clear: they never advance money without first having a qualified technician carry out a technical inspection of the property in question. If you are about to buy a house and you want to know if you should hire a home inspection, this post will answer your questions.
The assignment of auctions is a powerful and little known tool in the legal and real estate world. It is a procedural figure that allows the original successful bidder of an auction, usually a creditor, to transfer his rights over the auctioned property to a third party. This third party, called assignee, becomes for all legal purposes the new successful bidder, with the same rights and obligations as the original successful bidder.
Electronic judicial auctions have transformed the auction market in Spain since their implementation in 2015, allowing anyone, from home, to participate in the purchase of real estate and other assets auctioned by the courts. This now digital process has simplified and democratized access, eliminating geographical barriers and improving transparency.
Acquiring a property through an auction assignment may seem like an excellent opportunity due to the possibility of obtaining properties at prices below their real market value (although this is not always the case, beware!). However, this acquisition entails significant risks that must be considered in order to avoid legal and financial complications. In fact, the risks are exactly the same as if we had gone to the auction in question and won it. The following are the main risks that we assume with the auction assignment.
When a buyer encounters hidden defects in a purchased good, he has several legal options to claim his rights and seek a solution. The following are the main actions that he can take: the redhibitory action, the "quanti minoris" action and the reorganization. These actions are supported by the regulations in force and offer different solutions depending on the seriousness and nature of the hidden defects.
He bought a second-hand villa house and, after settling in it, discovered a series of problems in the electrical installation and in the solar thermal installation. The proof of hidden defects that are considered serious. Find out how this series of unforeseen events was dealt with.
Let's say you have just moved into a new home. Over time, you begin to notice problems that affect the structure and operation of your home. Some of these problems may be obvious, while others remain hidden until they begin to cause significant inconvenience. Understanding the difference between construction defects and hidden defects is crucial to knowing how to address these problems and protect your investment.
Imagine that you have finally purchased the house of your dreams. Everything seems perfect until, months later, you begin to notice problems that were not visible at first glance: a leak that appears with the rains, the electrical system that fails intermittently or cracks in the walls that suggest structural problems. These problems, known as hidden defects, can turn your dream home into a source of stress and unexpected expenses. Understanding what they are and how to deal with them is crucial to protecting your investment and ensuring the livability of your home.
If you are about to buy a home, we recommend that you hire a Technical Inspection of the property before signing the earnest money. This thorough inspection helps to identify any defects or potential problems that you have not detected during visits to the property. However, if it is too late to perform this inspection and you encounter unexpected problems, there is the option of an expert report, an essential legal and technical tool to deal with this situation.
In the current scenario of high demand for new housing and limited supply, off-plan purchases have become a common option. However, this modality carries significant risks, especially in a context where construction is mainly financed through pre-sales. This article discusses how to protect yourself, focusing on the First Additional Provision of the 2016 Law on Building Management (LOE), which replaced Law57/1968.
