Spanish Off-Plan Property Deposits Reclaim: All our clients have been able to recoup their money directly from the banks involved!
After years of protracted legal ordeal, stress and suffering, homebuyers who were affected by the Spanish property market crisis, are finally recovering the money they paid for holiday homes that were never built.
A landmark ruling in Spain’s supreme court in December 21st 2015 (STS 5263/2015) – taking as a reference point the important 57/1968 Act, – has allowed since then thousands of victims to claim directly from the banks rather than builders or developers, who went into liquidation.
The “ratio decidendi” of the landmark Supreme Court’s Judgment can be summarized as follows:
1º) The claim must be submitted against the bank that actually received the deposits from the buyers, irrespective from the fact that the bank actually opened (or not) a separate account for the deposits received. (see the Supreme Court decision, 16th January 2015. No Rec. 2336/2013)
2º) The bank will still be responsible even if the developer failed to issue bank guarantee certificates to the buyers in accordance to the Spanish Act 57/68.
3º) The property must NOT be physically or legally completed (i.e, without license of first occupation).
In fact, we have successfully helped many innocent buyers to recover their money back.
The good news is that since then, we have been winning all the lawsuits against Spanish banks, and as a result, all our clients have been able to recover all their money back, lost as a result of a failed building promotion.
These are in essence some of the essential requirements in order to be able to submit a claim against the bank:
1º) The claim must be submitted against the bank that actually received the deposits from the buyers. It is irrelevant whether the bank actually opened (or not) a separate account for the deposits received.
2º) A previous or simultaneous claim against the developer (even if the builder has gone into liquidation) would be required.
3º) Lastly, as indicated before, the dwelling must NOT be physically or legally completed (i.e., lacking the license of first occupation). This is extremely important, because those cases where the property was illegally built could qualify for the claim.
How to claim
think you are eligible, you will need the following paperwork:
I. Private purchase contract signed with the developer.
II. Proof of payments made into the developer’s account. (i.e. bank transfers, etc)
III. Other supporting documents, such as email exchanges, letters before claims to the developer, etc
It is of the utmost importance that you act quickly because the deadline for claims is 7 October 2020.
Remember that time is of the essence, because after 7 October 2020, it will be too late to submit new claims.
Therefore, in conclusion, should you need independent and reliable legal advice on claiming your deposit back (or for any other legal matter), please kindly contact us and we will be glad to assist you in a timely manner. At BZN Lex, we are trained to handle your situation, which will help ensure that your case is properly dealt with, which in the end will guarantee that the outcome will be in your favor.