An owner who considers that a decision of the Board of Owners of the condominium owners’ association to which he belongs is detrimental to his interests or entails a severe detriment that he has no obligation to bear may challenge it through the courts.
The Spanish Horizontal Property Law provides condominium owners association (COA) with two specific legal actions against defaulting co-owners or nuisance occupants. One of them is the order for payment procedure.
The Spanish Horizontal Property Law provides for two specific actions for the condominium owners association in the event of nuisance or delinquent co-owners or occupants. One of them is the action for cessation.
The horizontal property regime, the equivalent of the condominium in English, is established per se by the partition of a building or a housing development among several owners. However, its constitution through a master deed and its regulation by statutes or internal rules allows considering the particular needs of each homeowners association.
Forward purchase and forward funding contracts are particular kinds of contracts that perfectly meet the characteristics of a sales contract of a future good. These are two types of bilateral sales contracts of a future building concluded between an owner builder seller and an investor buyer. These contracts are often used in large real estate transactions.
An immovable property seller must take the risks that an immovable property sold to a buyer might encounter. In other words, the seller is held liable for the faults and defects that may arise after the sale. The Spanish Civil Code along with Law 38/1999, of 5 November, on Construction Planning (LOE) establishes the different types of liability, as well as the limitation period for actions for damages.
Before the economic and financial crisis, the Spanish real estate and construction sectors constituted one of the pillars of the country’s economy and real estate promoters used to benefit from the support of national banks. Because of the crisis, the real estate market has sharply declined. Real estate promoters had to find alternative funding sources.
A sales contract of a property under construction is similar to a sales contract of a future good. The future good is certainly an object that does not exist, but on whose existence the parties have already agreed upon. Consequently, the parties agree on the object of the contract, in this case the building to be constructed, on the price, the rules to calculate the price, the obligations, and the conditions regarding the transmission of the building once it has been constructed.
Selling a property under construction consists in the conclusion of a sales contract related to a property that has not yet been constructed, but the parties have already agreed on its existence and hence on its creation as well as on its price. Therefore, the parties conclude a sales contract related to a future good which involves its own different characteristics.
The building lease market in Spain has strengthened from the economic crisis and has begun to displace the ownership regime. However, the war between supply and the demand, and the hidden decoys behind feasible rents, can entail the assumption of taxes and expenses that parties should understand and negotiate.