Flat for sale in Los Ángeles, Madrid city, Madrid

Residential property in Madrid, asset in a foreclosure sale with no possession

What is a foreclosure assignment? A foreclosure assignment is the legal process by which the person or entity that wins a judicial auction (the grantee, often a bank) transfers their right to acquire an auctioned asset to a third party (assignee) before the ownership is formalized, allowing the latter to take the asset by paying an agreed price, a popular option for investors seeking to acquire properties at opportunity prices.

The acquisition of the advertised property will be carried out exclusively through a foreclosure assignment, within the framework of the ongoing judicial auction process, without the possibility of direct sale.

All costs of the public sale and those arising from the cancellation of charges, and the debts that, if applicable, encumber the property, such as, and not exhaustively, community fees and property tax (IBI), will be borne by the grantee. The law requires the grantee to settle the community fees and IBI for the last 4 years if there is any debt.

The occupancy status of the property is unknown. The property cannot be viewed and cannot be mortgaged for purchase, so the buyer must have sufficient liquidity for the purchase.

The photograph does not correspond to the property, only the approximate location.