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La Generalitat Suspends the Sale of Homes from Banks and Funds

The Catalan Government has suspended the three-month period that it has to exercise its right of first refusal on homes proceeding from foreclosures until the State of Emergency is over.

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La Generalitat de Cataluña has announced that it is suspending the right of first refusal that it has over homes proceeding from foreclosures for the duration of the State of Emergency at least. These are properties that financial institutions are awarded after a payment default and which, in many cases, end up being sold to international investment funds.

This measure dates back to 2015 when the Government approved a decree of extraordinary and urgent measures for the mobilisation of homes from foreclosures, which include the right of first refusal and retraction in favour of La Generalitat and local entities, such as Barcelona City Council. The measure implies that, for the transfers of flats from foreclosures after April 2008, financial institutions are required to report the sale operation to the administration, which has the right to buy the flat at the same price to use it for social rent.

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