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FREE REPORT: Discover How To Reclaim Lost Property Deposits In Spain
Expat Wins Spanish Legal Battle
Legal Ruling says ‘ Spanish Banks Liable’
Spanish Banks To Return Millions
So many Britons dreamed of owning a holiday home in the sun or a property investment to provide income in retirement. But what started out as a dream for so many turned into a nightmare of untold proportions. Thousands lost deposits and life savings and couldn’t find a successful way of recovering the money.
In accordance with the Spanish Law, builders and property developers receiving deposit money for properties in Spain were legally obliged to put this money in a specific account and provide their clients with a bank guarantee. This meant that the money would be safeguarded and the bank would then be liable for the return of the deposits if the developer failed to complete the property. Unfortunately, in many cases this didn’t happen.
Buyers who purchased an off-plan property in Spain and who were left empty-handed when the developers went out of business may now qualify for a refund. Up to 250,000 foreign investors lost their money when the Spanish property market crashed. Thousands are now in line for a payout with the average compensation being around €30,000.
A recent Spanish Supreme Court judgment means a legal claim against the property developers can now be made. The Court’s judgment was that Developers and Banks are jointly and severally liable to protect deposits paid on un-built projects. The developers, said the court, are obliged to protect the full amount of the deposit and even if they fail to do so, the bank must.
Deposit Reclaims have a team of experts standing by and will examine individual cases and documents FREE OF CHARGE. Deposit Reclaims legal team also work on a No Win, No Fee arrangement.
FREE REPORT now available at www.DepositReclaims.com
Release ID: 185252