A HISTORICAL SENTENCE: THE BANKS WILL RETURN THE MONEY
In a judgment issued on December 21, 2015, the Spanish Supreme Court declared that the banks, together with the real estate developers, are responsible for returning the deposits paid (and deposited in bank accounts) by the buyers of properties in Spain when said houses were not delivered in due time
Under Spanish law, real estate developers who received deposits from buyers to purchase homes had a legal obligation to deposit them in a specific account and provide their clients with a bank refund. The guarantor or insurance would be responsible for returning the deposits if the developer did not deliver the property on time. For their part, banks were responsible for ensuring that promoters complied with this rule.
Thanks to the ruling of the Supreme Court you can recover your money, plus the interest generated during all the time elapsed. Now all those affected, Spanish and of other nationalities, have the right to recover their deposits, but only if they claim through a judicial process in Spain.
Claims are usually resolved between 18 months and 2 years once filed. The claim can be resolved earlier, but you can be sure that during that time you will continue to generate interest, which will be added to the amounts claimed.
The ruling of the Spanish Supreme Court is solid and clear. Therefore, it can not be contradicted or questioned by any other private or public institution. As a result, the right to recover the deposit is yours and financial institutions will have to reimburse the deposit plus interest.
Contact us to receive a free study of your case. We will offer you the best legal advice to recover your money.
And the most important thing: We do NOT charge if we do not win the case.