The Spanish Off Plan property deposits 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 of them went bankrupt or simply disappeared leaving many constructions unfinished and without returning the advances received. In this way, the buyers lost the anticipated deposits.
The good news is that now the Sentence of the Supreme generates, finally, the real and certain opportunity for justice to be done and for you to recover your money.
The novelty of the sentence of the Supreme Court is that it declares that the Banks are responsible for returning the money since they collaborated with the promoters who fail to comply with the law and did not provide a return insurance of amounts on account. The result is that the right to recover the lost deposits is true and safe for those affected and the banks will have to return the money plus the legal interest (but only to those who claim it in a judicial process in Spain).
Claims are usually resolved between 1 year and a year and a half once filed. During that time they will continue to generate the corresponding legal interests from the delivery, which will be added to the amounts claimed.
The Spanish Supreme Court ruling is solid and clear. It therefore cannot be contradicted by any other private or public institution.
As a result, the right to recover the deposits is absolutely secure for anyone affected and financial institutions will have to reimburse the deposit plus the legal interest (but only for those who make a legal claim).
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