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Is there a cooling off period after I buy a property in order to obtain a refund of my deposit?
Property Law
Antonio Flores Vila
29th of January 2001
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Q. We offered on a property near Marbella on Friday 26 January 2001 and paid the deposit by credit card. Today, Monday 29 January we have decided not to proceed. Is there a "cooling off period", as there is in England, so that we will can get the deposit back?
We would be grateful for your advice. Thank you.
Grant Stewart
Beaconsfield, England
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A. There is no rule in Spanish law allowing you to withdraw your deposit without the consent of the developer. This possibility is restricted to timeshare sales only.
I suggest an amicable approach to the developer. If this is not possible, and depending on the amount of the deposit, I suggest requesting from the developer the full package of documentation as per the consumers regulations, as well as a bank guarantee for that
amount. If these are not complied with, which is quite possible, you
are open to denounce the developer to the Consumer Protection authorities.
By becoming a nuisance you may be able to obtain a refund from the
developer as he will be happy to get rid of you. However, I do suggest
an amicable approach before, and failing that, the above may prove of use.
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