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Costa Luz Lawyers > Posts tagged "cases"

Spanish Timeshare industry being punished by the Supreme Court

The Timeshare industry is being heavily punished by the Spanish Supreme Court as, in most of the cases; contracts were drafted against formal requirements of the Law. The Supreme Court is condemning Timeshare companies to refund clients a proportional part of all payments made by them. Being the proportion based on the number of years that the timeshare has been used over a period of 50 years.  The Supreme Court is also condemning related financial institutions to refund amounts jointly and severally with the Timeshare companies. CostaLuz Lawyers have so far  helped clients in these timeshare developments:  Diamond Resorts, Club Primavera,...

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Are agreements between the Bank and Consumer on Floor Clauses valid?

Very recently, on 15 June 2018, the Supreme Court issued a new ruling on a case relating to mortgage deeds novation modifying the floor clause through an agreement between the client and the financial institution. This judgment declares the nullity of the Floor Clause and the novation carried out subsequently through the signing of the agreement proposed by the bank to the client. What does the case decide? The case raises, as a matter of substance, the application of transparency control to a mortgage loan that included the so-called floor clause and that was subsequently the object of modifying novation. As stated in...

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Q&A on Tourism Rentals in Spain

The rules that as owner you have to follow to rent your property to tourists in Spain are a complete hieroglyph today. What is the law that regulates tourist rental? Currently, there are 43 different Tourism regulations in the Spanish national territory. The City Councils can also add requirements from the competences they have in planning matters. Can the Community of Owners prohibit tourist rental? The Community of owners does not have the power to limit the owner's rights, among which is to rent the property. They can regulate and enforce the statutes that regulate the use of common elements of the...

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Starting a business in Spain? Choosing between Limited and Autónomo

There are different economic, legal or images sake reasons in order to choose between one or other form of trading. You need to choose the legal form that best suits your needs. Disclaimer: In the case of a self-employed, the liability is unlimited while limited liability companies´ liability is limited to the capital. Thus, when a limited company goes bankrupt, only respond with his possessions, and never will with the properties of their owners. Financial requirements: A limited requires a minimum capital of € 3006.00. Taxes: Self-employed individual can obtain directly the benefits of their business and be taxed in the...

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Help in foreclosure procedures

The Advocate General of the Court of Justice of the European Union (CJEU) has recently issued his expert conclusion on five questions referred by different Spanish Courts, the Supreme Court among others, in regards to early maturity clause contained in mortgage contracts. What is an early maturity clause? It is a clause by which Bank can claim the whole debt just after a minor default (one installment) by the mortgage debtor What did Spanish Courts ask the European Court? In an scenario where a foreclosure procedure was started after many unpaid mortgage installments BUT based on the existence of a clause on the mortgage...

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