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What Do I Stand to Lose if the Developer Ceases Trading Before the Sale Has Been Completed?

April 26, 2017ceases Developer lose sale stand trading

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What Do I Stand to Lose if the Developer Ceases Trading Before the Sale Has Been Completed?

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10 Posted

New laws have been introduced in Spain to protect you from developers not completing their developments for various reasons which completely protects you the buyer. Property developers are required by law to take out bank guarantees or insurance policies that make sure you will be paid back in full of any monies that you have already paid, plus interest, in the event of bankruptcy before completion of the property. You will not be able to buy the property if this happens but you will not have lost any money either.