Spanish property law: joint owners in split up, proceeds of sale?

Hi David,

There is a website called spanishpropertyinsight.com it might put you in the right direction.
 
I am somewhat familiar with it, I have two properties there. What's the question?
 
Friends of mine, a couple, own a property in Spain jointly and equally.

They are currently breaking up and have a buyer. Part of their separation agreement is that the husband gets the sale proceeds.

The break up is acrimonious and the spanish agent telling him that the law requires that he makes cheques of equal amounts to them both. He must then trust her to send him her share after the sale closes.

Its a recipe for more acrimony.

Just wondering if anyone knew if the agent, who is friends with the wife, is being straight?
 
Sorry for the late reply - yes I believe he is being straight. However, I am not an expert so get expert advice.
Spain is v. different to Ireland re. the sale or disposal of property.

For example from what I know, parents must allocate all of an inheritance amongst the children pretty much equally - they cannot decide to give all to one child.
To answer your specific question, I believe that if a house is registered in both their names I think they must both get an equal share of the sale proceeds.

I'd suggest that if their is an understanding that the husband gets the sale proceeds then this be documented in a contract and at least that can be used if the wife decides to withhold the money.
If I was in your friends position I would speak to a Spanish lawyer - it will cost about 100 for the advice and contract and would be well worth it.
 
David_Dublin said:
.... the law requires that he makes cheques of equal amounts to them both. He must then trust her to send him her share after the sale closes.
Click to expand...

Hi David, I dont understand this, Is he saying that he writes out two identical cheques each made out to both for 50% of the share price? And that he gives both cheques to one who is entrusted to forward it to the other?

aj
 
Thanks Macstuff.

aj - sale price 100k, agent will draw two cheques of 50k, one for each party because they own the price 50/50. She then send him 50k, the agreement dictates he gets the full proceeds. Sales agent not allowed to take agreement into account, and draw up a single cheque of 100k to husband.
 
You must log in or register to reply here.
Back
Top