“Floor clauses” in Spanish mortgage contracts: What are they? What do they mean? What can you claim?…so many questions.

I am sure you have all heard of the
infamous “floor clauses” (“cláusulas suelo”) contained in Spanish mortgage contracts. However, as much as I am sure you have heard I am just as sure that you are not entirely clear on what they are or what they entail. This confusion, which already exists in the Spanish community and more so in the foreign community, is due to huge amount of contradictory, and sometimes outright false, information spread by the media. Though I must admit this is not helped by the zigzag course taken in Spanish judicial precedent.

I hope this post will help to clarify the situation and any doubts you may have as to whether they could apply to you.

Conveyancing in Spain: If you a buyer or a seller be.

Whether you are selling or buying property in Spain certain requirements must be met and procedures followed to ensure the purchase complies with Spanish Law and regulations.

Legal representation and assistance is particularly necessary in Spain when purchasing or selling property. The Conveyancing process in Spain involves different degrees of participation by various parties: the seller, their legal representative, the real estate agent, the accountant, a notary public, the registrar, utilities companies, the town hall, banks, and in some cases the local courts, regional authorities, etc.

Buying property in Spain

As we all know, the current economic situation in Europe, and the special vulnerability of the Spanish economic and housing market, make Spain a country with appealing potential for foreign investors wishing to acquire real estate here.

Climate, way of living, beaches, but above all affordable prices for those originating from abroad, encourage other European citizens to makes plans for their future here. At a time when accessing credit has become extremely complicated for Spanish nationals, the difficulties for foreigners in buying property in Spain are far fewer.