Legal tip 119. Martinsa-Fadesa will give money back to buyers with no house and no Bank Guarantee:good but short.
23 July 2009 @ 12:13
Out of an agreement performed by now by the 54,7% of creditors, Martinsa Fadesa will give money back to those owners who were not given a Bank Guarantee for the return of money paid according to Law 57/68 and houses are not going to be built.
The refund limit is 400.000 € , just one refund is possible per person and it is obligatory that the house was being bought by an individual ( not a company).
The clause of the creditor´s agreement has already been accpeted by these banks: Caja Madrid, Banco Popular, La Caixa, Caixa Galicia, Bancaja y Caixa Catalunya.
The real good new is that both the company and the creditor´s meeting administrators can assess now that the company will go forward and even restarting activity in very near future times: beginning of 2010.
I cannot agree with the limits ( 400.000€, one refund per person, no companies) as it does not even respect the terms of Law 57/68 which grant these rights to any off plan purchaser whose house was not completed on time: with no amount/units limits and without restriction to companies, if that was the legal form used by the buyer, but... well, it is not a bad agreement to start with ( as an initial/minimum show of respect towards consumers) and of course, there is always the possibility of going against the agreement ( using Law and case Law) and ask for more before the Judge.
Again, in my opinion just a start-with, not bad though given the past situation.
The battle is not over.
Best summer wishes,
Atlanterra ( Tarifa) de Scooterjec at Flickr.com