Have you lost your off-plan deposit and stage payments to a bankrupt developer? If so you can claim your money back from the developer’s bank, but the window of opportunity will soon close.
During the Spanish property boom years hundreds of thousands of investors including buyers from abroad, reserved homes off-plan or under construction, making large deposits and stage payments in the process, often as much as €100,000 or more, which they believed were insured. But when boom turned to bust the bank guarantees turned out to be non-existent or worthless, and tens of thousands of buyers were left with nothing to show for their money. Did that happen to you?
If so you can now claim your money back from the developer’s bank, thanks to a landmark ruling in December 2015 by the Spanish Supreme Court. However, this right only applies to off-plan buyers who signed contracts between the 7th of October 2005 and 2015, with a five year period to the 7th of October 2020 to file their claims.
If you think you might have a claim to make discuss it with a Spanish lawyer as soon as possible, as the deadline is looming. Find someone to help you in the Spanish Property Insight Service Directory.