Some pitfalls for foreign buyers are described in the publication “European Property Rights & Wrongs”, edited by Diana Wallis, then vice President of the European Parliament, and Sara Allanson.
The publication is, amongst other things, based on complaints to the Commission of the Parliament and is explained at the CROBECO conference in Lisbon.
Opting for a CROBECO process could provide safeguards against these pitfalls. The helpdesk and the explanations by home country notaries in their native language could prevent misunderstandings. Apart from that the rules for compensating buyers who are wrongly informed by the seller will be the rules of the country of the buyer. In case of a dispute about it, the buyer could ask his home country court to decide on (financial) compensation to be paid by the seller.
- EC Regulation Rome I No 593/2008
- EC Regulation Rome II No 864/2007
- EC Regulation Brussels No 44/2001
This could give prospective foreign buyers greater confidence in effective protection and make them less reluctant to buy foreign property.
