“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.

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Buying a property in Spain. Legal and Tax needs

General:

— Execution of the notarized public deed of purchase. The acquisition must be attested to by aSpanish notary public or by a Spanish Consul abroad, to whom it is necessary to show evidence of The identity of the parties

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