RETURN OF MONEY CONTRACT FOR FINANCING OF DAMAGES
04/10/2018
IMPORTANT new Legislative in Catalonia in relation to the return of money contract:
An absolutely new point in the sixth Book of the Civil Code of Catalonia refers to the financing forecast by a third party when the financing is necessary to formalize the purchase and sale of a property. In this case, the following modification has been introduced:
The buyer, unless otherwise agreed, may withdraw from the contract if it duly justifies the refusal of the bank to grant the financing. In this case the seller will have to return the amount of the price that had been delivered.
