Banks found responsible for the purchasers off-plan money loss.

Recently, the Courts of Alicante have produced a sentence forcing a Bank to give back the
deposits that clients made to promoters to buy houses off-plan and that sadly, were never
built. This is a topic of great interest for the British community as in many cases the buyers were citizens of the islands and were left defenceless when losing their savings.
It seems now to be some light at the end of the tunnel since the local courts are
beginning to follow the line that the Supreme Court initiated, punishing banks
where the money was deposited to return these payments that buyers gave to
promoters as they should have been safeguarding it, as provided in the old Law
passed on 1968.
This is an important step forward as until now, although many Petitions were
brought to Court and won against promoters or builders who were leaving
purchasers with no house and no money and as usual putting the blame on the
estate market crisis, while they claim to be penniless.
Although it would be necessary to study each case in particular, this can be a
very interesting and justice restoring route for those that were left defenceless
and abandoned, also, a realistic opportunity to get their money back.

Roberto Sanchez, Civil and Tax Lawyer at Raymundo & Hopman Abogados.


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