Daren Wallbank, Director of ReclaimYourDeposit.com, comments, “Although bank guarantees were seen as the ultimate in security by Spanish property investors, we’ve uncovered many cases where the guarantee has been promised but not delivered and everyone from the bank to the lawyer, notary to the developer has seen fit to relieve themselves of responsibility for the failure. This landmark ruling shows that the Spanish legal system is prepared to apportion blame and will not allow property scams to be brushed under the carpet. It gives us added confidence going forward as ReclaimYourDeposit.com works on behalf of our desperately out-of-pocket clients.”
In Cantabria, the case referred to a client who had paid a deposit on a property that was subsequently never built. The bank initially tried to brush off the allegations saying that the bank guarantee had expired and therefore they could not be taken to task. The judge disregarded this ‘small print’ and reminded Caja Cantabria of Spanish Property Law 57/1968 which asks “to protect the funds paid by the buyer into a special account and ensure they are used solely for the purpose of building the property". The court further argued that guarantees could not expire whilst the purchaser still had no home to show for their monies.
Daren continues, “Sadly Spanish Law is not based on precedent in the same way as English Law, but undoubtedly other courts in Spain will take the verdict into account when faced with similar cases – of which there are many. It also leaves a question mark over the numerous expats who have discovered that their bank guarantees were never issued - it’s still unclear who would be responsible then. Nonetheless it does send out a clear message that the Spanish legal system is slowly coming to terms with the terrible treatment of international property purchasers and provides more than a glimmer of hope to those seeking recompense for non-completed property in Spain.”
No Win No Fee Spain:
ReclaimYourDeposit.com has recently launched a ‘No Win No Fee’ service unique to Spain. Providing clients can conform to three simple criteria - have in their possession the original private purchase contracts, have proof of payments and finally a contract that has expired without the property reaching completion - ReclaimYourDeposit.com will take on their case and try to recover a disastrous situation.
If you have a disastrous situation that you would like ReclaimYourDeposit.com to take on and attempt to recover email email@example.com, visit www.ReclaimYourDeposit.com, or join our FaceBook Group “Reclaim Your Deposit”.
for further press information or photography please contact Sarah Drane
on firstname.lastname@example.org or call 00 34 607 564 726
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Reclaimyourdeposit.com has been set up by a group of international property
specialists to help purchasers caught up with unscrupulous development companies,
delayed builds, non existent bank guarantees and escrow accounts, all wrapped up in broken
contracts and promises.
The team has been involved in both successful projects and
also on the hard end of those that have failed, they have seen the games that
development companies can play and are well aware of the delaying tactics
and misdirection. With our knowledge and expertise we aim to assess your
case and try to reclaim your money. We investigate bank guarantees and
escrow accounts, study your contracts and look for breaches and
loopholes to get your money back.
With our team of specialised international lawyers we are able to
use all means necessary to reclaim your money. This includes
grouping together a number of purchasers from a single development
and undertaking a class action suit against the developer.