During the last few years, thousands of properties were purchased but never completed by the developers. Thousands of these sold properties have not been delivered to the customers. Furthermore, the developer has not refunded the stage payments made by the purchasers.
In some of the cases mentioned above, the buyer sued the developer and received a favourable judgment only to discover that they did not or will ever receive the reimbursements due to the insolvency of many of the developer´s
Should the consumer accept and assume that he/she has lost all the monies paid in advance, which in several cases could mean their life savings? ABSOLUTELY NOT.
Our firm of lawyers has created and developed an action by means of which the refund of those stage payments is possible. Instead of pursuing the developer for the alleged breach of contract, our target are the banks that guaranteed or should have guaranteed the funds in case of non-completion of the property.
Following the provisions of an Act in drafted in a law of a royal decree, the developers are obliged to secure the deposits of prospective off-plan purchasers should their properties not be delivered on time or they go into bankruptcy.
Whether or not the relevant bank issued the bank guarantee, we have found the way to recover the down payments made by the purchasers. With the provision of the contract of purchase and sale of the property, as well as the bank statements showing the amounts paid in advance by the customer, we can proceed to recover the monies paid.
For further information or queries, please do not hesitate to contact CAB Spain at:
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