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Banco Popular is held responsible to pay the money back to buyers of an off plan resort for not issuing the compulsory bank guarantees
Pellicer & Heredia has been one of the law firms which started representing buyers lodging actions against the Banks to recover off-plan deposits paid during the real estate and financial boom in developments which were not finished on time or not finished at all.
Buyers who received a Bank Guarantee or Insurance Policy for the safety of their deposits, or those who never had it due to the developer or Bank responsibility, might be in luck due to the recent cases held by the Murcia Courts, nº 5 and 11. These ordered Banco Popular to pay back to the buyers of an off plan property located in Cuevas de la Almanzora (Almanzora Country Club) and developed by Huma Mediterraneo SL, all the money they invested, plus legal interests from the time they made the payment, plus all the legal costs they incurred during the Court proceedings.
The imperative and unchallengeable rules contained in Law 57/68 are compulsory to developers, banks and insurance entities. The breach of these obligations by professionals -developers and financial institutions- can never be to the detriment of the buyer.
Furthermore, Law 57/68 requires Banks to guarantee all deposited amounts. Art. 1 of the 57/1968 Law states “The bank receiving up front payments in the developer special account must request the existence of those Bank Guarantees under its own responsibility”.
Talking to Ignacio Pellicer he confirmed: “We have been pioneers with the so- called Law 57/68 cases which grant refund rights to off plan buyers.”
If you bought a property off plan, you paid a deposit down or even made stage payments into the special bank account opened by the Developer, whether you received the compulsory bank guarantee or not, you might be interested to learn more about your rights, since Spanish Courts are holding Judgments in the buyers’ favour.
This is only general information. It is recommended that all legal matters pertaining to specific cases are referred to a lawyer for advice, guidance and execution. Pellicer & Heredia Lawyers will be pleased to help you with a study of your case. For more information and free advice, call us on 965 480 737 – 606 056 282 or email us on
info@pellicerheredia.com.
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