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ABOGADOS MADRID TENERIFE ZT Abogados
     ABOGADOS MADRID TENERIFEZT Abogados 

JUDGMENT AGAINST A BANK FOR EXTINTION OF MORTGAGE AND NULLITY OF ADJUDICATION

Nullity of mortgage The judgment declared the extintion of the mortgage

In 2006, a company acquired 4 apartments in a real estate complex paying the entire sale to the developer, who had previously requested a developer loan from the bank. The mortgage liability had been distributed among all units of the complex and the charge would be partially cancelled at the time of granting every Sale Deed. In the Deed of Sale of the 4 apartments, the notary stated that the mortgage charge in each of them had been economically cancelled, pending of cancellation at the Land Registry to which the developer committed to.

The developer had obviously informed the bank that the charges on these apartments had to be notarized to be taken to the registry later. For various reasons, the bank did not cancel the charge at the registry. In 2010 the bank sued a foreclosing proceeding against the developer for non-payment of the mortgage loan, against the properties that the developer had not yet sold and even against the 4 aforementioned properties (remember that the mortgage charge still weighed on them). The bank adjudicated the immovables at auction. The company urged a nullity of proceedings in the mortgage procedure but was dismissed.

The company director came to our firm looking for a solution to his problem. What we did was to start an ordinary procedure urging the declaration of extinction of the mortgage and the consequent nullity of the adjudication. In the process we could prove that the mortgage charge in relation to these 4 apartments had been extinguished because it was economically cancelled. Finally the sentence declared the extinction of the mortgage and the consequent nullity of the adjudication. Our client recovered his properties free of charges.

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