Have you purchased an off plan property in Spain that was never delivered? Have you filed a claim against the property developers and never got your property deposit refund? Do you want to initiate a claim against a property developer and get your Spanish property deposit refund?

If you feel familiar with any of the above,  you should know that the Supreme Court has ruled in your favor by establishing jurisprudence in this regard. The judgment of the Supreme Court obliges banks to refund their customers the total amount of money paid, plus its interests for property deposit concept, which is all deposits received for those properties bought off plan that were not built nor delivered. Banks can not avoid their responsibility of safeguarding the deposits received from the property developers.

Banks are Obliged to Execute the Property Deposit Refund

The Court’s ruling fails in favor of the buyers of non-built or undelivered real estate developments who have initiated or will initiate legal action against banks for their responsibility for property developers.  The Law that came into effect obliges both banks and property developers to assume their responsibility for the loss of all deposits given as payment for the purchase of an off plan property.

The new Law protects buyers and penalizes banks and property developers that had previously been discharged of their responsibility, on the money given for the purchasing not only flats but also duplex, villas, and houses, especially during the real estate bubble. During that period, many property developers filed for bankruptcy, leaving buyers exposed. Those disadvantaged buyers had to start claims that took long periods of time, therefore; many gave up. Now you can claim against the bank related to the property developer and get your property deposit refund.

At Lexland we have a team of experts specialized in this matter. If you have filed a claim against property developers for undelivered properties unsuccessfully or if you wish to start a claim in this regard, we can assist you. We can go through your case completely free of charge. If your case is eligible for the claim, we offer our “No Win, No Fee” rate.