During the property boom, many buyers in Torrevieja and Orihuela Costa paid large sums for off-plan properties. However, due to the crisis, many of these developments were never finished. Consequently, many buyers were left without their homes or their savings.
The responsibility of banking entities
Most affected people think that they cannot do anything if the developer has disappeared. In contrast, the Supreme Court has opened a clear way to recover amounts paid on account.
In the first place, the law (Law 57/68 and the current LOE) obliged developers to guarantee the return of payments. Furthermore, banks are responsible if they allowed developers to receive money without a proper guarantee line. Therefore, the financial institution must return that money to the buyer.
Requirements to start a claim
To study your case and recover your investment, our team at Orihuela Solicitors needs specific documentation:
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Purchase contract: This document must specify the delivery deadlines and the price.
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Proof of payment: You must provide bank transfers or receipts showing the money reached the developer.
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Guarantee contract or insurance policy: We need these if they were issued. Otherwise, we will claim directly against the bank.
Deadlines to claim in Spain
It is important to act with determination. For this reason, you should know that the deadline to claim against banks is subject to clear statutes of limitation. Likewise, each case must be analyzed individually to check if the legal action is still valid.
Subsequently, after reviewing your documents, we will start an out-of-court claim against the bank. In the event that the entity ignores the request, we will go to court to protect your consumer rights.
In conclusion, there is still hope if you lost money on a home that was never delivered. At our firm, we are specialists in how to recover amounts paid on account. We have helped many clients recover their savings with interest. Contact us today for a free and professional consultation.
