Off Plan Projects

OFF-PLAN PROPERTY DEPOSITS REFUNDED BY CLAIMING 

AGAINST THE BANK

Martínez Echevarria Law Office  collaborators with Inmobiliaria Atlantis PMR. has recently got a number of successful court judgements for off-plan property buyers who did not get their corresponding bank guarantee. Most of these buyers were facing a difficult situation, since they had reasons to resolve their purchase contract but the developer had either gone into liquidation, were not able to cope with the creditors payment or simple had ran away.

These new judgments are based on the fact that the banks were also responsible for protecting the buyers funds, that it, these funds should be been kept in a secure account, hence avoiding the developer using these funds for other purposes rather than keeping them until de project was completed. Most of the banks where the off-plans were transferred were also financing the project, as they were providing a construction loan/mortgage to the developer.

This approach is backed up by numerous court proceedings as background, existing precedents, as well as reports issued by the most relevant doctrines. They have also sought advice from mercantile law University lecturers and members of our senior team.

By claiming against the bank for their responsibility to protect the buyer’s funds, clients have now the chance to get their deposits refunded, plus the legal interest. There might be different scenarios, depending on whether the deposits were transferred to the bank financing the project or not.

If this is your case, Martínez Echevarria Law Office will be more than pleased to help you having your property deposit refunded. Contact them for a free consultation and we will assess your case viability.

Ref: Inmobiliaria Atlantis PMR

Inmobiliaria Atlantis PMR
Atlantis Property Management & Real Estate
www.atlantispmr.com
email: info@atlantispmr.com
Main Office: (+34) 952 933 870
Jason: (+34) 677 114 989 Luis: (+34) 617 810 209
Skype: atlantispmr