Spanish Property Deposit Reclaim

Spanish Property Deposit Reclaim

Following a number of Spanish legal rulings, particularly one at the end of 2015, a Spanish Property deposit reclaim is now a very achievable aim. The Spanish Supreme Court has held that Financial Institutions such as banks and cajas (Spanish Building societies) are liable, along with builders and property developers, to make sure that refunds of amounts paid by property buyers are refunded where properties are not delivered.

Spanish Property Deposit ReclaimThese rulings obviously have huge consequences for those who purchased property in Spain that was ultimately never built. It means that these buyers are due a full refund from the bank or caja even if the developer has filed for bankruptcy.

The basis for the rulings is that, by Spanish law builders and property developers receiving funds for property had to put these funds in a specific bank account and were obligated to provide their clients with a bank guarantee. The bank was also obliged to ensure that such an account existed and would be liable for the return of these deposits in case the developer failed to deliver the property.

This obligation was widely flouted by Spanish developers, particularly in the run up to the economic crash in 2008. Following this many developers were declared bankrupt and purchasers presumed their deposits had gone with them. The unfinished constructions were virtually worthless and advances paid were almost universally spent by developers. This led to clients presuming they had lost all their money. Their likelihood of getting anything from the liquidation of a failed property development was so small as to make the cost of making a claim unjustifiable.

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If you wish to get started straight away simply send an email with Your Name in the Subject Line to either:

Spanish Reclaimspain@SpanishReclaim.com     or    Moroccan Reclaimmorocco@SpanishReclaim.com

You will receive an email with a brief questionnaire to fill in. Make sure to clear the applicable email address in your Spam Filter. These automated email addresses work 24/7 so you can get started right away.

Make sure to clear the applicable email address in your Spam Filter. These automated email addresses work 24/7 so you can get started right away. This will send you a questionnaire and request necessary documents to assess your case. If you want a FREE CALLBACK, just put your phone number in the email.

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These Supreme Court rulings on reclaiming Spanish Property deposits upholds the finding that financial institutions, in which the defaulting property developers deposited their customers’ money, are liable for the refund of the deposited funds. In the upholding of this ruling the court dismissed the financial institutions’ arguments against the claims, thus paving the way for claims by defrauded home buyers right across Spain.

Our Spanish legal office, which processes all claims, states that the Spanish Supreme Court ruling is ‘clear and cannot be contradicted by any other private or public institution.’

As a result, the right to recover the deposits placed on property in Spain is solid and financial institutions are now obligated to reimburse the deposit plus interest. Claims are restricted to 15 years from hand over of the deposit, so the clock is ticking. As the financial institutions have been found to be jointly and severally liable for the breach the action can be taken directly against them without having to firstly take the developer through a court procedure.

Of course Spanish financial institutions are not going to voluntarily tell those who put deposits on property that they have a claim. The onus is on those affected to make the claim before the statute of limitations prevents them doing so. It is estimated that, once a claim has been successfully filed, it will take 12-15 months to achieve the return of funds. Financial institutions are liable to pay interest on the amount deposited for the duration.

SpanishReclaim.com’s office has been one of the most successful in Spain in the recovery of funds invested in unbuilt Spanish property. In 2015 our Spanish office reclaimed over €5m of clients funds, including interest, from the financial institutions with which the money was deposited.

Be Careful Who Makes Your Claim – There is Only One Chance to Apply

It is important to deal with a company versed in completing the paperwork to make such claims as you can only apply once. You must make sure you have the best legal assistance with experienced and expert lawyers. Filing in the Spanish reclaim forms is complex and daunting even if you are fluent in Spanish. It is a task that should only be undertaken by a legal expert specialising in this area. Whoever fills out the forms need to be an expert in Spanish legal claims, as there is no single form to fill in.

Our advantage at Spanish Reclaim is having a Spanish office that is the most experienced and professional in this area. It completes property deposit recovery and inheritance/gift tax reclaim forms on a daily basis.

Please do get in touch if you would like to obtain a free analysis of your case. If you are interested in further information call one of the numbers above or:

To apply right now simply send an email with Your Name in the Subject Line to either:

Spanish Reclaimspain@SpanishReclaim.com     or    Moroccan Reclaimmorocco@SpanishReclaim.com

You will receive an email with a brief questionnaire to fill in. Make sure to clear the applicable email address in your Spam Filter. These automated email addresses work 24/7 so you can get started right away.

Spanish Property Deposit Reclaim

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