We are successfully winning refunds for 1,000’s of our clients
High Court Rulings
In a recent judgment dated December 21, 2015, the Spanish Supreme Court has upheld that banks are responsible, together with the property developers, to refund the Off Plan deposits to home buyers in case the latter fail to deliver the properties on a timely basis.
Our helpful customer service will guide you throughout the reclaim process in your own language.
Our expert legal team will analyse your case for free and let you know, with transparency, what your possibilities are and how much we can claim back for you.
Claims must be filed, defended and won in Court one by one. Class actions cannot be applied in these cases.
Once we file your claim our team will inform you about any relevant information that may affect you.
When the refund has been awarded we will contact you immediately to organise the transfer of funds.
The Spanish Off Plan property deposits reclaim
Spanish Supreme Court Ruling
In a recent landmark judgment dated December 21, 2015, the Spanish Supreme Court has ruled that Financial Institutions are responsible, together with builders and property developers, to refund the amounts anticipated by home buyers in case they failed to deliver the properties on a timely basis.
Builders and Banks held liable
In accordance with the Spanish Law, builders and property developers who received funds from deposit for housing had the legal obligation to put them in a specific account and provide their clients with a bank guarantee. The guarantor would then be liable for the return of the deposit/s in case the developer failed to deliver the property on a timely basis.
Spanish Real Estate Market Collapse
During the Spanish property bubble, this obligation was generally breached by builders and property developers. When in 2008 the Spanish real estate market collapsed, most of them went bankrupt or disappeared, leaving many unfinished constructions and being unable to repay the advances received. Their clients lost all their money and only had a claim against the property developers and the likelihood of getting any meaningful money back was small.
The best opportunity for justice and success is now!
The novelty of the recent Supreme Court ruling is that it upholds that financial institutions which have not secured the Off-Plan Deposits are now liable for the refund of your money.
The Spanish Supreme Court dismissed the financial institutions arguments and has now opened the floodgates for thousands of claims for the defrauded home buyers in Spain.
The Spanish Supreme Court ruling is solid and clear. It therefore cannot be contradicted by any other private or public institution.
As a result, the right to recover the deposits is absolutely secure for anyone affected and financial institutions will have to reimburse the deposit plus the legal interest (but only for those who make a legal claim).
Claims will be refunded within 12-15 months (average) once filed. During this period legal interest will be also generated.