This promotion went bust in 2011 leaving thousands of purchasers out of pocket. Thousands of investors, some of whom paid up to 150,000 euros for one of the off-plan properties, are not aware that they can recoup the money paid for the homes that they never received.
Under the Spanish Law, every developer had the obligation to deposit all the amounts received in a special bank account of which he could not dispose of and to provide the buyers with an insurance policy or a bank guarantee that would ensure the reimbursement of the monies paid if unsuccessful. Banks had a duty to make sure that these guarantees were granted and are liable if they did not ensure that these guarantees were granted.
The bank is responsible for the money that was invested, this whether or not there was a bank guarantee in place. We have proven this in the Spanish courts. Our legal team with more than twenty lawyers specialists in banking law, have led hundreds of demands from customers who had paid in advance for an off plan property. The majority of these buyers were never issued with a bank guarantee. Even so we would like to act for you and are very confident that we will recover your funds, so confident in fact that we are not requesting any legal fees from you to instruct us, only taking our fees when we ensure that the bank returns the monies you paid.
Our law firm whose history and successes are known to CAB Spain, offer you a free consultancy and if suitable, are willing to take your instructions to act for you on a no win no fee basis Should you have any queries, please, do not hesitate to contact me at: email@example.com
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