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MIKE H
24-04-2015, 11:13
Hi all,

A friend of mine is in the process of buying a bank repossessed apt. in Las America he is just concerned about a couple of issues.
He knows the bank will need a certificate from the community but how does he make sure the Electricity and Water has been paid up to date. Also are there other debts he would need to be aware of.
Thanks in advance for any help or advice.

Mike.

mully
24-04-2015, 13:08
Hi. He just needs a good solicitor and he will check all outstanding debts on the property. Best thing we ever did was to buy a place on the Golf Del sur and we have just got here for a break in glorious sunshine! Hope your friend has the same fun.

MIKE H
24-04-2015, 15:27
Hi Mully,

Thanks for your reply, he has a lawyer but just wants to double check on everything before moving to notary. I think buying through the normal channels is okay but buying a repo. from the bank as is, is something else. The banks are good at collecting money but not to fast to dish out their own cash.
We have one apt. on our complex which was repossessed last June 2014 and the bank still haven't paid community fees in full on it.

Thanks again, Mike.

Suzanne
24-04-2015, 21:23
The lawyer will have it all checked out and at the notary you can ask the notary himself. It should also be written in the deeds that the property is sold free of debts, Also if the electric has been disconnected the electric company may want a rewire depending on the age ofir name. the property again this is something the bank will know.
The bank wont pay for anything unless it has to and certainly wont settle a debt until the property has been sold.
Ususally the lawyer will be putting all the utilities in the buyers name so if it is not in order he wont beable to get the electric or anything done in the

MIKE H
24-04-2015, 22:03
Hi Suzanne,

That is exactly the kind of info. he was looking for. It is good to know what to look for in advance.
Thank you very much.
Mike.

timmylish
25-04-2015, 00:47
The foregoing information is spot on but I would also add that the solicitor/notary ensures whether or not a 'boletin' (in respect of current electrical regulations) requires to be obtained thereby necessitating a full or partial re-wire. My lady got caught out with an addition expense of over one thousand euro to do the work required and the boletin issued when buying a small apartment recently.

MIKE H
26-04-2015, 14:51
The foregoing information is spot on but I would also add that the solicitor/notary ensures whether or not a 'boletin' (in respect of current electrical regulations) requires to be obtained thereby necessitating a full or partial re-wire. My lady got caught out with an addition expense of over one thousand euro to do the work required and the boletin issued when buying a small apartment recently.

Hi Timmylish,
Thanks for that, every little helps. I hope these answers help other people to see how easy it would be to be caught without the proper advice.
Regards, Mike.