Banks are having to address the losses arising from the property market, thereby assuming their mistake by not demanding a guarantee from the builders and developers in the event of bankruptcy.
This was established in the Supreme Court judgment on the 21 December 2015, to protect the return of bank guarantees to those who bought an off plan property. The Law 57/1968 mandatory for promoters, banks and insurance companies already established in article 1 that: "The bank which receives the advance payments to the promoter’s special account must demand a corresponding bank guarantee under their own responsibility".
Therefore, despite Banking Practice, the buyer can't be blamed for not having claimed such a guarantee, nor can the obligation to deposit the money in a special account for them to stay insured be imposed upon the buyer.
According to this Supreme Court judgment, the buyer's rights are inalienable.
If you have made advance payments for the acquisition of an off-plan property, in case of breach of contract and not getting the property handed over, the financial institution which received the money must return the total amount.
Pellicer & Heredia is committed to defending the rights of consumers and users, with an extensive and recognised experience in this sector, having obtained many favourable judgments, and particularly with respect to consumers of foreign nationality with a sensitive and further vulnerability.
Claiming the amounts lost, plus the corresponding interest, is possible, and many people who have been affected have started to claim. Contact us today for a feasibility study of your case.