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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 277. Low cost action against Banks. Manifesto by Costaluzlawyers
22 May 2010 @ 10:46

Because we see this is what is needed in the most of the cases were people bought off plan and did not receive a Bank Guarantee,

Because claimers are frustrated and tired of waiting for years for a Court decision to be honoured and this does not happen due to the financial status of developers,

Because it is a great tool to try to put some correction to the financial system in off plan purchases for the protection of buyers so we can be sure these current problems will not happen again in our country,

Because we need to show to foreigners that Spain has a strong and coherent legal system,
Because we can offer low cost action to groups of people under the rules of our professional ethical code,

Because Banks have been the necessary element without which the current off-plan disaster in Spain would have never happened,

Because Law 57/68 makes them clearly liable for the lack of Bank Guarantees,

Because we have been studying this action for months with the help of a first class Law Professor who is available to answer questions in Court regarding the report he produced for us,

Because it is necessary, because you need it mainly

We are offering to all the EOS members the possibility of joining existing actions against Banks under provision 1.2 of Law 57/68 at a much reduced cost.

Main ground of Law 57/68 is the protection of money advanced by individuals before construction work begins or during it, in many cases the savings of a lifetime.

The actual preamble or “exposición de motivos” of the said Law establishes that all the "abuses in this type of businesses have made as necessary the establishment of general preventive rules which will guarantee both the real and effective application of money advanced by purchasers and prospective customers to the building of the house and to the refund in the event that the building does not take effect".

The most preventive, general, inalienable obligation that this Law established was for banks or savings banks, where money was paid to by buyers, to secure the establishment of Bank Guarantees or insurance UNDER THEIR LIABILITY. Banks were therefore here established as guardians of legality and finantial correctness. 

Please contact us here: if you want further information about this.

Have a great week,

Maria L. de Castro 
Tarifa Harbour by Luis López- Cortijo


Like 0


Mr Dermot Hogan said:
31 May 2010 @ 16:22

Dear Sir.
We have a bank guarantee with Cam bank for a house that was never built,the company is San Jose in Torrevieja,the house was to be built in Alberta.
We have a solicitor in Alicante,and he took the builders to court back in may 2008 and we won the court case against the builders and the jug awarded us nearly 12,000euros,but to this day we have not got the money from the Court, or our money from the Bank guarantee .
The Solicitor dos not reply to our telephone calls or e-mails,all we get is he is waiting for the court to rule on it,but why do we have to wait for the court as we have a bank guarantee,

Can you advise us on what we have to do,or what we have to do to get our money back.

Yours Dermot

Maria said:
31 May 2010 @ 16:55

Dear Dermot:
Would you mind emailing us to:
web @ We will be able to send to you more info on the action this way.
Best regards,

John Bell said:
31 May 2010 @ 19:07

We bought an off plan apartment on vista hermosa la linea in 2006 with a bank guarantee, when promaga the developer was 6 months late on completion we cancelled the contract, we now cant get our deposit back without going to court, if we went to court and won would get our deposit back. Regards John Bell

Maria said:
01 June 2010 @ 07:05

Did not you execute your Bank Guarantee?
If you want, you can email us to web @ so we can send to you full information on your possibilities

Best regartds,


tony said:
05 June 2010 @ 13:22

John bell. I am in same boat as you are. we have both lost our deposit. perhaps you should watch the prog. called. holiday home in hell on itv2. or go to you tube and type it in,

Helen Davies said:
09 June 2010 @ 19:41

Maria, you are already representing us against the builder of our developement but what I don't understand is why no-one pursues the lawyers who were supposed to inform us and advise us about the bank Guarantee.

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