(What is this?)
Home > Spain > Property > News : Buyers and sellers of property in Spain need to be aware of 'vicios ocultos'
Not registered?  Join IPIN now FREE   |  Forgot password?

Buyers and sellers of property in Spain need to be aware of 'vicios ocultos'

Article Date : Wednesday, July 02, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList


Homeowners need to be aware of a law named "vicios ocultos" when buying and selling property in Spain. The vicios ocultos law means that vendor liability for defects lasts for up to six months after the house sale, even if the problem was not obvious at time of sale.

Vicios ocultos means that the vendor of the property in Spain is obliged to compensate for, or remedy, any defect or problem within the first six months after the sale. With information from The Rights Group and Survey Spain, Spanish property experts Kyero report that the seller will be accountable in the following circumstances:

If the problem makes the property unsuitable for the purpose for which it was sold. If the problem reduces the use of the property. If, having known of the problem, the buyer would not have bought the property or would have offered a lesser price for it.

If the buyer is an expert or qualified in the field of property, then the vendor will not be considered responsible, as the buyer should have been able to recognise the defects, even if they weren't immediately obvious.

When the seller is accountable, the buyer can annul the contract. If the seller knew about the defects and did not mention them at the time of sale, the buyer can claim for compensation, if they choose to annul the contract.

Anyone selling property can, however, include specific wording in the contract that excludes liability and means the property is "sold as seen", and buyers are advised to look out for such clauses.

It is recommended that buyers use a qualified surveyor before closing any property deals, even if this is not required by their mortgage company.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.


Article provided by Holidaylettings.co.uk.
Read the full article here >>

DISCLAIMER: The opinions expressed here are the views of the author of this news item and do not necessarily reflect the views and opinions of Propertyshowrooms.com.
Listing Separator

Related Articles

  1. Spain 'a great place to buy now'
  2. Overseas travel 'will not be crunched'
  3. Spanish property 'great for investment'
  4. US and European banks slash rates
  5. Spanish Budget for Deficit, not Recession in 2009



Listing Separator

Let us search for you Let Us find Property in Spain for You

Fill out a requirements form and our experts will help you find a great selection of Properties for sale in Spain.


Subscribe to This Feed

RSS News
Subscribe to this RSS Feed
Country: Spain
Channel: All

More RSS FeedsGo

Prices from only 585,853 AED

High yield commercial and residential investment opportunities. Arjan is a district in high demand at the heart of 'New Dubai'. Early entry investment, with 10 & 20 year leaseback options.

View Investor Report >>

Media/Press SectionProperty News Search


   

News ArchivesNews Archives

View worldwide property news from as far back as 2005 in our News Archives Section.

View News ArchivesGo