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05 Jan 2011 00:00 by fpegman Star rating in San Miguel De Salina.... 462 posts Send private message

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This is from todays OPP magazine website

Landmark ruling forces Spanish bank to refund deposit
 
 

A landmark ruling may have been made by a provincial court in Cantabria, northern Spain, this week when it found in favour of a buyer who paid a deposit on a property in Arce that was never built.
 
 
The purchaser was told that he had the legal right to demand a full refund from the bank, Caja Cantabria, that guaranteed the construction.
 
The bank was reminded of its responsibility under Spanish property law 57/1968 "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" and then promptly held to account for failing in its duty.
 
"This is an encouraging development for those affected in the Cantabria region, but it is too early to say whether it creates any kind of legal precedent for people in other parts of Spain" said the Spanish Embassy.
 
Charles Svoboda, vice president of the Valencian action group Abusos Urbanisticos - No (AUN) said: "while this is an improvement, and it does make me hopeful, it's important to remember that half of the Spanish banks are in financial trouble and many of the developers have gone out of business or simply disappeared - so where is this money going to come from to pay people back?"

 
       ©               www.opp.org.uk

 



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05 Jan 2011 19:10 by EOS Team Star rating in In Spain of course!. 4353 posts Send private message

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That is good news.  I know Maria has mentioned several times in her podcasts that going after the banks is the way to go really, and this shows that at least that strategy is working.

Early days but a great bit of news.

Justin



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06 Jan 2011 09:35 by soodmall Star rating. 8 posts Send private message

that's really a good news~



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06 Jan 2011 12:13 by rod Star rating in Uk and Spain. 460 posts Send private message

This seems like a move in the right direction the crooked Banks must be worried about that

Rod

www.ournextholiday.co.uk



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06 Jan 2011 13:32 by Sanchez1 Star rating. 806 posts Send private message

Sounds good in theory, but where are the banks going to get all this money from?



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06 Jan 2011 17:06 by ads Star rating. 1586 posts Send private message

Rental income?????


http://www.eyeonspain.com/blogs/SpanishBusinessNews/4408/spains-banks-go-from-owning-to-renting.aspx

http://www.expatforum.com/spain/british-banks-join-with-spanish-caja-to-offer-rent-before-you-buy-deal-for-potential-expats.html

This message was last edited by ads on 06/01/2011.



This message was last edited by ads on 06/01/2011.



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06 Jan 2011 23:20 by fazarelli Star rating. 155 posts Send private message

This is good news!

 

However, did the puchaser actually have a bank guarantee or not?





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