If you have paid either a deposit or larger payment on an off-plan property that was never built, or delayed indefinitely, there is a possibility of some good news on the horizon for you to try and get your money back. The Supreme Court in Madrid has found in favour of claimants in no fewer than five separate cases, each one challenging a different aspect of Law 57/1968. The judgements were all made in favour of the investors, and this has opened up the possibility for others to claim their money back. The Supreme Court in Madrid has given the Spanish Banks a clear interpretation if this Law 57/1968 which clearly details that they must pay out on claims made against them in cases where clients’ monies had not been protected, and the developer has either failed to build properties and ceased trading, or failed to deliver them on time.
In order to find out if you are eligible to proceed with a claim you will need to have held on to the following documents:
1) A copy of your purchase contract with the Spanish Developer
2) Proof of payments made. ( We need to provide proof of the electronic transfer of the money leaving your bank account and being received in the developer’s Spanish bank account. This is the most important document. It must be very clear on this document your and the developers exact bank account details so that the exact bank can be sued)
3) Any correspondence with the developer or the agents that you have, i.e. emails, letters, receipts, etc.
4) Any document from Court that could accredit that the debt exists and the payment was made.
5) Bank guarantee or insurance policy, if any.