tricky business??

[kobbe]

Greetings,
I encountered quite an opportunity, so it seems (?) ... Advice please!
I can buy a little old yet reformed house in a very touristical city at the Mediterranean. The price of the house is 25.000 euros. Currently the house is rented for 350 euros a month. Yes, that means that 7 years of renting would return the cost of buying that house... But : the 'owner' doesn't have the Escritura. She claims that we can make a deal in front of a lawyer, we sign a Contrato Privado de Compraventa in presence of a lawyer and then the deal would be perfectly solid. This makes me doubt the whole deal ... This would mean that I wouldn't be the registered owner, right? Then suppose I start some kind of procedure to register the property on my name, it would mean that all unpaid costs of the past (like the plusvalias and all) would come on my account, no? If someone would occupy the house, I couldn't do a thing? To be short : it is quite a risky deal, no? Or are there solution?
Any help, advice, explanation, ... will very much be apreciated ... You see, I have a ticket to go there this Monday... I'd like to know if it's wise to continue with this purchase or just let the ticket for what it is and go to my job this Monday ... Thanks a lot!!!

[Goldberg Global]

Hi if you dont know what you are doing. Leave it.

You are a foreigner with little experience in this market. Leave it alone.

You can buy via 2 ways. 1. Is via escritura. Which is the normal way, and the way to be recommended.
You can also purchase via catastral, which is different and normally applies to land.

If there is no escritura, this property is not registered in the land registry. Speak to a good lawyer, my advice. LEAVE IT ALONE. YOU ARE NOT EXPERIENCED ENOUGH TO GET INVOLVED IN UNUSUAL DEALS. You wont be able to get bank finance, and you probably wont be able to sell it on, and also if the tenant moves out you get nothing back.

That is my advice, leave it alone. Buy something normal.

[andyk2]

Kobbe,

I have to agree with Darren. I wouldn´t touch this with your bargepole! Go to work on Monday - hindsight will prove that our advice is spot on.

Sorry

Andy

[greg]

LOL funny situation...

The saying goes, if it sounds too good to be true - it probably is!

I wouldn't go anywhere near such a deal...