And The Banks Question Why Folk Hate Them

Buying Spanish property isn't overcomplicated but there are a couple of things that can get complicated at times. As an example when you are purchasing a property you purchase it with clear title. What does that imply? Well, it implies that the property has no debt on it when it is sold.

This of course means clearing the old mortgage. So that the process is like this. You get in contact with the bank two weeks before the property purchase and you are saying;

“We are signing for a property on such and such a date how much should be cancelled on that date?”

And this is critical because debt payments areworked out on a day-to-day basis. So the bank then gives you a certificate with the figure to cancel on the day and they also say who will be there to gather the check for the payment from the buyer.

Now let’s get into details. Citibank are absolutely worthless in each respect. I had a previous rant about them on this blog in the summertime. They really spent three months without approving a mortgage and giving any info why they did not approve the mortgage and the reason why they had taken so long. This is the same sale but the consumers have got a finance from a different place. However what occurred now is we have asked Citibank for the cancellation certificate and on the day of the signing the buyers will have to pay a certain quantity to cancel the present mortgage. Citibank have refused to give the certificate for the date of the signing. They will give a certificate for the 5th of December though not the 14th of December.

Now apart from the plain fact this makes almost no sense whatsoever, why can they give a certificate from the 5th and not the 14th?It is actually illegal. They've got a legal responsibility to provide the information to the mortgage holder of how much is needed to cancel on any specific dates. As they have completely refused to provide this info they're acting in failure of the law. However how do we inform them about that?

All they have is a call centre and you can't use Citibank so as to get information Citibank and Citifinancial are now 2 separate entities even though the first mortgage was done in Citibank. Citifinancial have a call centre will you telephone up and speak to a different person each time who does not know the situation from the previous person and is not permitted to put any info thru to the person that wants to sort it out.

Therefore I am nominating Citibank and Citifinancial as the two worst corporations in Spain currently ahead of Telefonica/Movistar and before Vodafone and you know what I think of Vodafone and assorted others.

Graham Hunt is the writer of Homes For Sale In Spain where he blogs about the Spanish Property Purchase and very much more. His company Valencia Property has property for sale in Valencia and around it.