Eu scheme guarantees certainty when buying property cross-border

EU parliament vice president Diana Wallis MEP has commended a pilot scheme that promises to end the probems experienced by expats when buying property in Spain and other EU countries.The scheme, set up by the European Land Registry Association and funded by the EU, allows for the purchasing procedure to be settled in the buyer's home country and under the protective laws of that country. It also guarantees compensation for unknown restrictions and violation of the contract by the seller. Currently piloted in Holland and Spain, the Cross Border Electronic Conveyancing (CROBECO) scheme means that a Dutch buyer of Spanish real estate can apply Dutch law to the contract and ask a Dutch court for compensation from the seller if he later finds out there are unknown public limitations, such as retrospective planning laws, affecting the property. Pilots with other countries are expected later this year. Diana Wallis MEP (Liberal Democrats, UK), who has long campaigned for an EU-wide guarantee of legal certainty when buying cross-border, said: "I feel more and more convinced about the work of the Land Registry.

Source: Telegraph.co.uk