Did you lose your savings by buying your home off-plan? Now you can recover them!
We all know the disastrous consequences that the burst of the housing bubble brought with it: unemployment, evictions, depreciation in the value of many houses… However, few people know about the drama of those who lost their savings in the purchase of homes that were never built.
We are talking about those affected by bankruptcy or disappearance of promoters after buying a home off-plan. Are you one of them? Then what’s in this post is going to be of your interest. Stay with us and discover how you can get your money back.
If you’re one of those affected, don’t worry: The 57/1968 law has your back
Approximately 600,000 people paid an entry (still without return) for houses that were never built. The profile is heterogeneous: from families who invested all their savings in the house of their dreams to foreigners who sought a new more relaxed life on the Spanish coast.
What are your options? After the fight of several affected people, the Supreme Court judgment 21 of December 2015 puts in play a practically forgotten law :
The 1968 law. According to this law, the bank was required to have a series of guarantees for the entrance fee of a dwelling which is directed to the construction and were always guaranteed if the promoter became bankrupt. In summary, the money had to go to a special account, always guaranteed. Por ello, si el banco no cumplió con su obligación es directamente responsable. Therefore, if the bank had not complied with its obligation is directly responsible. It must be responsible for the return of the quantities delivered to the promoter as a down payment for the purchase of houses on plan or under construction.
The Supreme Court, on December 21, 2015, reaffirmed that responsibility by sentencing that those who lost their money can claim the quantities delivered to banks that had not demanded the promoter to open a special account with its corresponding guarantees.
Since then, a large number of people affected have recovered their money with their corresponding legal interests. Therefore, if you are also affected by this drama, we recommend strongly to proceed with your property deposit reclaim.
The easiest way is through platforms like legalbono, where with just a few clicks you will get your own customized property deposit reclaim for the recovery of funds invested in unbuilt Spanish property.
With legalbono you’ll be closer to get your money back
Don’t lose your chance, claim now!
Currently, the law mentioned before has been repealed (It’s not applied) by a new law (law 20/2015). We are not going to enter into technical details, we will simply state that the level of protection in this area has suffered a significant blow. For example, the bank will only respond if the promotion has a work license and up until now many of the promotions began to receive money before even having that permission. And the worst: the term available to claim the lost money is been drastically lowered.
Our 4 recommendations for the future
Despite everything that has happened, after the passing of the years and with the upturn in the housing market during the first quarter of 2017, it is expected that buying off-plan houses is going to gain strength again as an option for the purchase of a new house.
For this reason, to avoid this story from happening again, we bring you our 4 recommendations:
- Check your contract with an expert that will help you identify potential unfair terms and understanding the content of it.
- Require the endorsement that guarantees the quantities delivered to account.
- Try to include penalties for the developer in case the developer does not comply with the delivery of the house.
- Make sure you keep all documentation and advertising brochures. They can be very useful as evidence in case it goes to trial.
Now that you know the key points of this issue, do not hesitate: If you’re one of those affected, recover the money that belongs to you.
