New build Casa independiente en Partida Peña Sendra, 13 b, Developments in Crevillente

READ CAREFULLY! What is considered a property occupied by squatters? It is essential to clarify what exactly constitutes an occupied dwelling before diving into the subject. According to the Royal Spanish Academy, squatting is an anti-establishment movement advocating for the occupation of uninhabited properties that do not belong to the occupiers. Squatters are individuals who take residence in a vacant home or building without the owner's consent. Consequently, an occupied house is one where individuals reside without authorization from the owner—whether a private individual or a corporate entity—meaning they have unlawfully settled there.

Who owns properties occupied by squatters? Many of these buildings have ended up under the ownership of banks, having been relinquished by their original owners due to the inability to meet mortgage payments. In such cases, these properties are deemed occupied, as many of the tenants have faced eviction yet never vacated the premises. Some property owners opt to sell their occupied properties to avoid the lengthy legal process associated with such situations. This decision often comes despite having to sell the property below market value, driven by the desire to resolve the situation quickly.

Advantages and disadvantages of purchasing a property with squatters… As previously mentioned, the primary benefit of acquiring an occupied property lies in its price: properties owned by banks or private owners facing occupation are typically listed at prices below the market rate. Bank-owned properties are sold at reduced prices for financial stability, while private owners usually prefer to sell rather than maintain a property in such conditions. The main drawback of buying an occupied property is that the new owner cannot access, live in, or rent it out until the occupants are evicted—a process that can take a significant amount of time and often requires cumbersome legal action, likely making the new owner responsible for filing an eviction lawsuit themselves. Furthermore, the property may have incurred damage that needs to be repaired, which the new owner will have to address upon gaining access.

Additionally, it is impossible to appraise the property while it is occupied. The new owner will be unable to access it and assess any potential damages. Online appraisal services can be sought, but as previously mentioned, the property's condition cannot be accurately evaluated until access is granted. Nevertheless, it is worth noting that some purchase agreements for these types of properties include clauses that cover potential damages incurred during the occupation.

How to purchase a property with squatters? It is advisable to seek legal advice to avoid unpleasant surprises and to ensure that our team of attorneys thoroughly informs us about the advantages and disadvantages of pursuing such transactions.