The Spanish Courts are forcing financial entities to return the sums paid in advance by buyers for off-plan properties and to pay the legal costs of the judicial process of those claiming.
In fact, hundreds of people have already recovered 100% of the savings they invested in the purchase of their houses plus 6% interest.
Bufete Salmerón were the first lawyers to achieve judgements ordering banks and insurance companies to return buyers’ savings, even when they didn’t have guarantees.
During the housing boom, Spain was seen as an ideal place for investment in housing, not only by Spanish buyers but also by thousands of foreigners, mainly from The United Kingdom, Germany, and France, who decided to invest and to use their savings to build houses.
However, when the housing bubble burst, many property developers and construction companies declared bankruptcy. They left unfinished housing developments many of which had units that had already been sold. These property developers and construction companies failed to respond to the buyers’ concerns and questions.
In some cases, there was a breach of contract, with the property being completed many years after the original deadline. In the worst cases the houses were never finished and consequently, never delivered to the buyers.
And this is the point when the investors’ nightmares began because they were not only left without their houses bought with such expectation and enthusiasm, but also the deposits paid for those houses.
The nightmare then led to insomnia when buyers discovered that bank and insurance company guarantees promised by developers were never received.
At the beginning of 2014, Bufete Salmerón under Fernando Salmerón, won the first judgement in which a Spanish judge ordered the financial entity Banco Santander not only to return sums paid in advance to two off-plan house buyers whose properties were never delivered and who didn’t have bank guarantees, but also to pay 6% interests plus the legal costs of the judicial process.
After this historic judgement, Bufete Salmerón has succeeded in 100% of the cases brought to court, forcing many other banks to return the money to off-plan house investors, independent of: bank or insurance guarantees, the completion of construction of the property, and the delivery date of the house even if this was vastly different from that specified in the contract.
If you bought a house in Spain and you think you have lost your money, do not hesitate to contact us, by email at email@example.com or by telephone +34 954 536 038. If you send us the signed contract together with any guarantees received, we will study your case and will give you our legal opinion regarding your situation.