The Spanish Off Plan property deposits reclaim
The Spanish Off Plan property deposits reclaim Reclaim In a judgment issued on December 21, 2015, the Spanish Supreme Court has declared that the banks are responsible, together with the real estate developers, for returning the deposits paid (and deposited in bank accounts) by the buyers of properties in Spain when said homes were not delivered to them in due time. According to Spanish legislation, builders and real estate developers who received deposits from buyers for the purchase of homes had a legal obligation to deposit them in a specific account and provide their customers with a bank refund of amounts. The guarantor or insurance would then be responsible for returning the deposits in case the developer did not deliver the property on time. In the times of the Spanish real estate bubble this obligation was not fulfilled by the banks and by the builders and real estate developers. When the Spanish real estate market collapsed in 2008, most o