The dreaded black money question

[Dawn]

Hi there,
We will be completing on our property in the next few weeks. Can you tell us if we are completely within our rights to have the full price of our property on our deeds and not have to hand any cash over on completion but pay via the bank on the final installment. Also what can you do if the builder was to refuse to sell to you if we were to do this.

Thank you

[Fontanals Solicitors]

The last payment for the purchase of the property should be done in the date established in contract and should be done simultaneously to the completion of the Title Deeds for the property which, according to Law, the builder or developer is forced to grant.

The form of payment is in any case indifferent (either bankers draft or cash), as long as it guarantees to the vendor that it could be charged or cashed. The law obliges to show the total amount paid for the property in the Title Deeds and to pay the corresponding Taxes according to that price.

We hope this is clearer now and we will be pleased to attend you at our offices in Torrevieja, should you have any more queries.