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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money.

In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

Friday, August 6, 2010





Off-Plan deposits paid by group in excess of 2 million Euros
Buyers deceived
Legally required Bank Guarantees not issued
Developer and funding bank failed to act in accordance with Spanish Law, in particular,
LEY 57/68 Article 1.1 and 1.2


, currently consists of 63 purchasers on the Las Higuericas, Finca Parcs development, none of whom were provided with the legally required Bank Guarantees for their Off-Plan deposits.  The developer, Cleyton GES SL abandoned the project in May 2009 stating that the project was ‘financially unviable’.  Over the past 2 years FINCA PARCS ACTION GROUP has listened to various promises of refunds from the developer, however to date nothing has materialised.  The developer breached its contractual obligations, failed to comply with its legal obligation to provide Bank Guarantees and failed to honour its promises of issuing refunds to the group members, therefore, FINCA PARCS ACTION GROUP has been left with no option but to commence legal action against the developer and promotor of the project, Cleyton GES SL.

The main reasons for the legal action are:

To the best of our knowledge, no Building Licences (Licencia de Obras) issued for 3 of the 5 phases

Failure to provide Bank Guarantees as required by Spanish Law for the   protection of amounts paid in advance by purchasers

Failure to deliver the properties and specific features of the project within the contractually agreed time

The group is also taking legal action against the developments funding bank, Caja de Ahorros del Mediterráneo (CAM Bank), the entity that accepted the off-plan deposits and that was contracted by the developer Cleyton GES SL to issue the Bank Guarantees.  CAM Bank failed to comply with their legal obligations of verifying the existence of Bank Guarantees which is a clear violation of their obligations under Spanish Law, in particular, LEY 57/68 Article 1.1 and 1.2.

FINCA PARCS ACTION GROUP consists of individual buyers mainly from the UK, Ireland and Spain.  Keith Rule, a Finca Parcs purchaser who has not received the legally required Bank Guarantee, formed the action group in 2009 after leading a smaller group of Finca Parcs purchasers since 2006.  The group is legally represented by María Luisa de Castro, director of Costa Luz Lawyers and De Castro Gabinete Jurídico which consists of legal professionals including her father and two brothers.  Costa Luz Lawyers and De Castro Gabinete Jurídico have been working exclusively on similar cases since March 2006.  The legal team is being assisted by a Civil Law Professor (Catedrático) from the University of Seville.

The off-plan deposits paid by the group members for which the legally required Bank Guarantees were not issued total in excess of 2 million Euros.  The deposit funds were paid to the Special Accounts opened by the developer Cleyton GES SL at the funding bank, Caja de Ahorros del Mediterráneo.

The deposits, which for some group members amount to the bulk of their life savings, were paid for off-plan reservations between 2004 and 2008.

FINCA PARCS ACTION GROUP member, Reg Matthews, 75, who reserved his Finca Parcs plot in 2006 comments: “The developer Cleyton GES SL and CAM Bank have taken my money, failed to provide my Bank Guarantee and failed to build my house that was originally promised for completion in 2008.  My life has been on hold for the past 4 years, my dream of a house in the Spanish sunshine has been shattered and all I want now is my money back.  The developer and bank should not be allowed to treat innocent people like this.  I am shocked this type of thing can happen in an EU member country when there are laws and regulations in place to prevent such situations”



The developer, Cleyton GES SL launched the Las Higuericas Finca Parcs development with the slogan ‘The Real Spain’ and in collaboration with CAM Bank began accepting off-plan deposits in 2004.  The inland development, close to the village of Agramón, is around 15km from Hellin and 80km from Albacete and Murcia.  The development was marketed predominately to UK and Irish buyers as a self contained sports and leisure resort.  Built close to the Camarillas Lake there were due to be a total of 617 detached villas spread over 5 phases, many with private pools.  Building Licences (Licencia de Obra) were issued for Phases 1 & 2 in March and October 2007, however to the best of our knowledge, the developer, Cleyton GES SL never applied for the building licences for Phases 3, 4 and 5, despite the fact that some construction actually took place on Phase 3 and ground works took place on Phases 4 and 5.  The development was also advertised to include a commercial centre with 24 hour security, maintenance services, medical centre, shops and restaurants.  Sports enthusiasts were to be catered for with promised facilities to include horse riding, fishing, swimming, canoeing, tennis and bowls.

However, in May 2009, 5 years after accepting the first off-plan deposits the developer, Cleyton GES SL abandoned the site with only 36 of the 617 properties completed.  Hellin Town Hall refused to issue Habitation Certificates / Licences of First Occupation for any of the properties on the site as in their opinion the infrastructure was not fully completed.  Therefore, no buyer was able to complete their purchase. As a result the site has been deserted since May 2009 except for the presence of a lone security guard.

The developer, Cleyton GES SL officially announced on 21 September 2009 that the development was cancelled due to the fact that it was ‘financially unviable’.  Cleyton GES SL then set up the Finca Parcs Refunds Process and refunds were promised to all those purchasers who were not issued with the legally required bank guarantees.  Unfortunately Cleyton GES SL failed to provide any tangible evidence to show this process was genuine and on 5 March 2010 the Finca Parcs Refunds Process closed after failing to issue a refund to any purchaser.


Since 2006 FINCA PARCS ACTION GROUP has been pursuing the developer Cleyton GES SL to demand that they provide the legally required Bank Guarantees.  In July 2008 the group submitted their first complaint to Caja de Ahorros del Mediterráneo, the projects funding bank that accepted the off-plan deposits.  CAM Bank failed to acknowledge this initial complaint and in October 2008 the group referred the matter to the CAM Bank London Representative Office.  In January 2009 the CAM Bank London Office advised the group to submit the complaint to the CAM Bank Head Office in Alicante.  A complaint file in excess of 100 pages was delivered by courier to the CAM Bank Head Office in February 2009.  After months of correspondence the group escalated the complaint to the highest level within CAM Bank – to the President - Modesto Crespo and the CEO – Roberto López Abad.

After receiving a totally unsatisfactory response from Messrs Crespo and López Abad the FINCA PARCS ACTION GROUP was left with no option than to commence legal action against the developer, Cleyton GES SL and the funding bank that accepted the off-plan deposits, Caja de Ahorros del Mediterráneo (CAM Bank).

The Director of the legal team in charge of this case, the Lawyer María Luisa de Castro says: “This is a large group of purchasers being led in a very professional and pro-active manner by the group leader Keith Rule.  Our legal view is that CAM Bank has acted with a total lack of professional due diligence.  Mr Rule has provided us with a dossier of evidence consisting of almost 500 pages”


The group finds the situation all the more worrying due to the fact that since paying their off-plan deposits to Cleyton GES SL and CAM Bank for the Finca Parcs project, it has emerged that residents on another Costa Blanca development constructed and marketed by a company which included many of the same Directors/Administrators as Cleyton GES SL, are currently engaged in a battle to legalise their homes.


Buying a property in Spain is a major decision and members of the FINCA PARCS ACTION GROUP have been deceived by the developer and selling agents due to the fact that all the advertising and promotional material including the Sales Agreements clearly stated that Bank Guarantees would be provided at every stage of the purchase process by CAM Bank.

A number of agents selling properties at Finca Parcs continued to entice potential purchasers during the period 2006 to 2008 by stating in their promotional material ‘BANK GUARANTEES INCLUDED’ when they knew categorically that many of the clients they had already sold plots to at Finca Parcs had not received the legally required Bank Guarantees.

FINCA PARCS ACTION GROUP will leave no stone unturned in their fight for justice.


The situation in which members of the FINCA PARCS ACTION GROUP find themselves is similar to that being experienced by many thousands of off-plan purchasers in Spain.  The failure of developers and banks to provide the legally required Bank Guarantees is a huge issue in Spain and the scale of the problem is becoming clearer on a daily basis.

Further details and photos can be found on the FINCA PARCS ACTION GROUP website at:

Details of a Petition related to Bank Guarantees in Spain directed at Don Miguel Angel Fernández Ordoñez - Governor of the Banco de España (The Banco de España is the national central bank and supervisor of the Spanish banking system), Don José Luis Rodríguez Zapatero - Prime Minister of Spain and José Manuel Barroso - President of the European Commission can be found on the BANK GUARANTEES IN SPAIN website at:

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Friday, August 6, 2010





Las entregas a cuenta de los miembros del grupo exceden los 2 millones de Euros

Compradores objeto de engaño

Inexistencia de Avales Bancarios obligatorios por Ley

Tanto el promotor como el Banco que financiaba el proyecto incumplieron las obligaciones
establecidas en la ley 57/68 Artículos 1.1 y 1.2


EL FINCA PARCS GRUPO DE ACCIÓN, está formado en la actualidad por 63 compradores en promoción Las Higuericas, Finca Parcs. Ninguno de ellos recibió el Aval Bancario que la ley establece como obligatorio para la cobertura de sus entregas a cuenta en compraventas sobre plano. El promotor, Cleyton Ges SL abandonó el proyecto en Mayo de 2009 argumentando que el proyecto era "inviable desde el punto de vista financiero". Durante los últimos dos años EL GRUPO DE ACCION FINCA PARCS ha recibido diferentes promesas por el promotor en relación con la devolución de sus cantidades, ninguna de las cuales se ha matrializado hasta la fecha. El promotor incumplió su contrato,  incumplió su obligación de entregar Aval Bancario o Poliza de Seguro y ha incumplido también sus promosas en relación con las devoluciones de las cantidades a los miembros del grupo. Por lo tanto, FINCA PARCS GRUPO DE ACCIÓN no tiene otra opción más que la de emprender acciones legales contra el promotor del  proyecto, CLEYTON GES SL.

Los principales argumentos esgrimidos por este grupo son los siguientes:


1.- Según nuestro leal mejor saber y entender, falta de licencia de obras para 3 de las cinco fases de la promoción

2.- Falta de entrega de los avales que la Ley establece como obligatorios para el aseguramiento de las cantidades entregadas a cuenta por los compradores

3.- Incumplimiento del objeto del contrato, características de la promoción en el tiempo acordado contractualmente.


El grupo también ha iniciado acciones legales contra la entidad que financiaba el proyecto, Caja de Ahorros del Mediterráneo (CAM Bank), entidad que aceptó las cantidades a cuenta, y que incumplió las obligaciones referentes a la verificación de la existencia de los avales. En este caso, además, incumplió las obligaciones en cuanto a la emisión de los mismos, ya que la CAM también fue contratada por Cleyton GES SL para la emisión de las garantías.  Todo ello en claro incumplimiento de lo establecido por la ley 57/68, artículos 1.1 y 1.2.

FINCA PARCS GRUPO DE ACCIÓN está formado por compradores individuales, principalmente de nacionalidad inglesa, irlandesa y española. Keith Rule, comprador en esta promoción a quien no se le entregaron las garantías que la ley establece como obligatorias, formó este grupo el año pasado después de liderar un grupo más pequeño de compradores de Finca Parcs desde el año 2006. La representación legal de Finca Parcs Grupo de Acción corre a cargo de María Luisa de Castro, directora del equipo jurídico Costaluzlawyers, quien a su vez cuenta con el despacho De Castro Gabinete Jurídico, formado entre otros profesionales por su padre y dos de sus hermanos.

Costaluz Lawyers y De Castro Gabinete Jurídico llevan trabajando en exclusiva en este tipo de casos desde Marzo de 2006.  El equipo jurídico cuenta con el apoyo de un catedrático de Derecho civil de la Universidad de Sevilla.


Las cantidades entregadas por los miembros de este grupo, a quienes no fueron entregados avales bancarios, exceden los dos millones de euros. Dichas cantidades fueron ingresadas en cuentas especiales abiertas a nombre del promotor Cleyton GES SL en el banco que financiaba el proyecto: Caja de Ahorros del Mediterráneo. 

Las cantidades entregadas, que para algunos de los miembros de este grupo suponían los ahorros de toda una vida, se pagaron en concepto de reserva de propiedades en construcción o sobre plano entre los años 2004 y 2008.

Un miembro de FINCA PARCS ACTION GROUP, Reg Matthews, de 75 años de edad, que reservó su propiedad en Finca Parcs en 2006 comenta: " El Promotor, Cleyton GES SL y la CAM tienen mi dinero, incumplieron con su obligación de entregarme Aval Bancario y no construyeron mi casa, cuya finalización estaba incialmente prevista para 2008. Esto ha paralizado mi vida durante los últimos cuatro años, mi sueño de una casa bajo el sol de España se ha hecho añicos y todo lo que quiero ahora es que me devuelvan i dinero. No deberían permitir que el promotor y el trate a gente inocente de esta forma. Me parece muy grave que este tipo de cosas puedan ocurrir en un país de la Unión Europea habiendo leyes y reglamentos vigentes que previenen que este tipo de situaciones ocurran.



El promotor, Cleyton GES SL lanzó la promoción Las Higuericas Finca Parcs bajo el slogan “La verdadera España” y, junto con la CAM comenzó a aceptar cantidades anticipadas en 2004.
La promoción de interior, cercana al pueblo de Agramón, se sitúa a unos 15 km de Hellín y a 80 km de Albacete y Murcia. La promoción se vendió principalmente a clientes del Reino Unido e Irlanda como un resort de esparcimiento y para la práctica de deportes. Construido junto al lago Camarillas, se planeó la construcción de 617 chalés en cinco fases diferentes,  muchos de estos chalés tenían piscinas privadas. Las licencias de obras se concedieron para las fases 1 y 2 en Marzo y Octubre de 2007, sin embargo, según nuestro leal mejor saber y entender el promotor, Cleyton GES SL nunca solicitó las licencias de obra correspondientes a las fases 3, 4 y 5, a pesar de que se llegó a construir algo en la fase 3 y se realizaron trabajos de tierra en las fases 4 y 5. La promoción incluía además un centro comercial con sistema de vigilancia y seguridad 24 horas, servicios de mantenimiento, centro médico, tiendas y restaurantes. Los aficionados al deporte esperaban además la construcción de instalaciones para la práctica de la equitación, la pesca, la natación, canoa, tenis y bolos.


Sin embargo, en Mayo de 2009, cinco años después de aceptar las primeras cantidades a cuenta, el promotor, Cleyton GES SL abandonó la promoción con solo 36 de las 617 propiedades finalizadas. El ayuntamiento de Hellín rechazo la concesión de licencias habitabilidad/ primera todas las propiedades ya que en su opinión, las infraestructuras no estaban terminadas. Por ello, ningún comprador ha podido formalizar escritura pública para la elevación a público de los contratos de compraventa. Como resultado, la promoción está desierta desde Mayo de 2009 con la sola excepción de un guardia de seguridad

El promotor, Cleyton GES SL, anunció oficialmente el 21 de Septiembre de 2009 que la promoción no iba a seguir adelante ya que era “inviable desde el punto de vista financiero”. Cleyton GES SL anunció entonces un proceso de devolución de cantidades y se prometió la devolución de depósitos a todos aquellos compradores a los que no se les había entregado aval bancario. Desgraciadamente, Cleyton GES SL no llegó a dar muestra alguna de la veracidad de este proceso de devolución y el 5 de Marzo de 2010 se cerró el mismo sin haber llegado a hacer efectiva ninguna de las prometidas devoluciones a ninguno de los compradores. 



Desde 2006
FINCA PARCS GRUPO DE ACCIÓN ha venido solicitando al promotor Cleyton GES SL la entrega de las garantías bancarias legalmente requeridas en estos casos. El grupo realizó su primera reclamación a la Caja de Ahorros del Mediterráneo (CAM Bank), banco financiador del proyecto y depositario de las cantidades entregadas a cuenta, en Julio de 2008. La CAM hizo caso omiso a dicha petición y en Octubre de 2008 el grupo envió una queja a la oficina de la CAM en Londres. En Enero de 2009, esta oficina de Londres aconsejó al grupo que se dirigiera a los servicios centrales de la CAM en Alicante. Una reclamación de más de 100 páginas se envió por mensajería a la sede central de la CAM en Febrero de 2009. Después de muchos meses de correspondencia el grupo elevó la reclamación al Presidente de la CAM Modesto Crespo y a su director general Roberto López Abad.

Después de recibir repuestas totalmente insatisfactorias de los señores Crespo y López Abad el grupo
FINCA PARCS GRUPO DE ACCIÓN no ha tenido otra alternativa que emprender acciones legales contra el promotor, Cleyton GES SL y la caja financiadora del proyecto  que aceptó las cantidades anticipadas, Caja de Ahorros del Mediterráneo .

La directora del equipo jurídico a cargo de este asunto, la abogado María Luisa de Castro manifiesta: “El grupo está dirigido de una forma muy profesional y pro-activa por su director Keith Rule. Nuestro punto de vista legal es que la CAM ha actuado con falta total de diligencia profesional. El Señor Rule nos ha proporcionado un dossier de pruebas de casi 500 páginas”  



El grupo opina que la situación es altamente preocupante ya que desde que pagaron a Cleyton GES y la CAM los depósitos correspondientes a la promoción Finca Parcs, han tenido noticias de que los residentes de otra promoción en Costa Blanca que fue promocionada y construida por una empresa de los mimos administradores/directores de Cleyton GES SL, se hallan inmersos en una batalla para la legalización de sus casas.


La decisión de comprar en España es de mayor importancia y los miembros de  FINCA PARCS GRUPO DE ACCIÓN han sido engañados por el promotor y los agentes de venta ya que en todo el material promocional y publicitario, incluido el contrato privado de compraventa, se incluían afirmaciones sobre la entrega de avales Bancarios por la CAM para cada fase del proceso de compra. 


Un número de agentes vendieron propiedades en el periodo 2006 a 2008 y siguieron atrayendo a los potenciales compradores al afirmar en su material promocional que “los avales Bancarios se incluían” cuando sabían de forma categórica que muchos de los clientes a quienes ya habían vendido propiedades en Finca Parcs no habían recibido los avales bancarios que la ley prescribe.


FINCA PARCS GRUPO DE ACCIÓN removerá cielo y tierra en su lucha por la justicia.


La situación en la que se encuentran los miembros de
FINCA PARCS GRUPO DE ACCIÓN es parecida a las de miles de compradores sobre plano en España. El incumplimiento por parte de los promotores y Bancos en relación con la emisión de estas garantías es un problema de gran calado en España. La magnitud del problema se está hace más y más evidente con el paso del tiempo.


Puede encontrar más información y fotografías la página web de FINCA PARCS GRUPO DE ACCIÓN:


Para más información sobre la petición en relación con Avales Bancarios dirigida a Don Miguel Angel Fernández Ordoñez – Gobernador del Banco de España (El Banco de España es el banco central nacional, supervisor del sistema bancario español), Don José Luis Rodríguez Zapatero – Presidente del Gobierno español y José Manuel Barroso – Presidente de la Comisión europea, pueden acceder a la página web BANK GUARANTEES IN SPAIN:


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Monday, August 2, 2010



Thousands of Off-Plan purchasers in Spain were not provided with the legally required Bank Guarantees and in many cases where Bank Guarantees were issued the Banks & Savings Banks are now refusing to honour them.

Off-Plan purchasers are the innocent victims in a trail of lies, deception, negligence, lack of due diligence and complete lack of control within the real estate sector.

Many purchasers have been forced to take expensive and lengthy litigation proceedings in an effort to have their inalienable rights which are granted by LEY 57/68 upheld.

In a direct response to these abuses, we have now launched a PETITION for purchasers of Spanish Off-Plan Property who are currently suffering or have suffered ANY type of Bank Guarantee abuse.

The main aims of the PETITION which is primarily addressed to Spanish President, Mr José Luis Rodríguez Zapatero and the Governor of the Banco de
España, Mr Miguel Ángel Fernández Ordoñez are:

• To expose the negligent actions of all those involved including the Banks & Savings Banks

• To highlight the unacceptable delays innocent purchasers are unnecessarily being subjected to in the courts

• To force accountability and demand justice

• To ensure change for the future

The ultimate responsibility lies with Mr Zapatero and the Banco de España for their failure to adequately and effectively supervise the Banks & Savings Banks who are the guardians of LEY 57/68 and who were the 'vehicle' through which the illegalities were allowed to operate.

This is a serious public order matter and our petition demands that the Banco de España and Spanish Government act immediately to ensure that:

• Any purchaser not provided with the legally required Bank Guarantee is refunded immediately in accordance with LEY 57/68

• Any purchaser in possession of a Bank Guarantee, where the developer has clearly defaulted on the contract, is able to execute the Bank Guarantee, in accordance with LEY 57/68, without the need for litigation

'Fast Track' specialised courts be established

• The Spanish Government and Banco de España must immediately set up a fund to underwrite the refunds on all Bank Guarantee cases

• The Spanish Government and Banco de España must act now to ensure the abuse being suffered by innocent off-plan purchasers in Spain is ended immediately and that it is never allowed to happen again.

If the Banco de España and Spanish Government fail to act within defined timescales on the above issues then we ask the European Parliament and European Commission to take firm and effective action demanding that these very serious financial illegalities be addressed as a matter of extreme urgency.

This is the most extensive Bank Guarantee petition ever undertaken and it is essential that we gather as much information as possible to ensure we are able to present a comprehensive dossier of evidence and a complete account as to the scale of abuse suffered by innocent purchasers.

Please go to the Bank Guarantees in Spain website and add your voice to this very important PETITION:

Thank you for your support




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Monday, August 2, 2010

It is a legal requirement in Spain that the developer must provide a Bank Guarantee or Insurance Certificate to the purchaser covering ALL payments made in advance for the purchase of a property.

The Bank Guarantee or Insurance Certificate must be issued immediately the funds are received in the developers Bank or Savings Bank account.

Being issued with a Bank Guarantee or Insurance Certificate is the purchasers legal right and although there are costs involved in setting up these guarantees the developer must not make a charge to the purchaser for the Bank Guarantee or Insurance Certificate.

Deposit funds paid in advance for a property must be held in a Bank or Savings Bank Special Account (Cuenta Especial).

The Special Account must be separate from any other account held by the developer and must only contain funds to be used for the construction of the property.

Details of the Special Account together with the name of the Bank or Savings Bank must be detailed in the Sales Agreement / Purchase Contract.

All advertising and promotional material published by the developer that refers to amounts being paid in advance must state in which Bank or Savings Bank the deposits will be held and give details of the Special Account in which the funds will be secured and protected. 

The Bank or Savings Bank must demand and ensure that the Bank Guarantee or Insurance Certificate is issued.  It is the responsibility of the Bank or Savings Bank who accepts the off-plan deposit to ensure that the Special Account is opened and the Bank or Savings Bank must either issue the Bank Guarantee, demand that the Bank Guarantee is issued or verify the existence of a Bank Guarantee or Certificate of Insurance to fully cover the off-plan deposit funds held in their custody.

The Bank or Savings Bank are the guardians of LEY 57/68.  If the Bank or Savings Bank accept funds paid in advance by purchasers and fail to protect those funds in a Special Account or fail to verify that the Bank Guarantee or Insurance Certificate is issued then they are guilty of Gross Negligence and action may be taken against them for lack of Professional Due Diligence according to LEY 57/68 Article 1.2

A Bank Guarantee or Insurance Certificate must not have an expiry date and does not have to be 'renewed'.

The Bank Guarantee or Insurance Certificate only expires when the Certificate of Habitation (Licence of First Occupation) is issued by the local Town Hall.  At this point the Bank Guarantee is no longer valid and it is therefore in the purchasers interest to complete the purchase as quickly as possible after the issue of the LFO / COH.

If the construction does not commence or finish by the deadlines set out in the Purchase Contract then the purchaser has the right to execute the Bank Guarantee or Insurance Certificate and receive a full refund of the deposit together with the addition of interest at the Legal rate as detailed in the General Building Act 1999 LEY 38/99.

The Lawyer acting for the Purchaser has a duty to ensure the account to which the deposit funds are paid meets the strict requirements of LEY 57/68.

The Lawyer acting for the Purchaser has a duty to ensure that the Purchaser's deposit funds are only paid to the Developer's Special Account after details of the Bank Guarantee or Insurance Certificate have been confirmed by the developer and guarantor.  Once the funds are transferred to the developers Special Account the Lawyer must make every effort to obtain the Bank Guarantee or Insurance Certificate.

If the Purchaser pays the property deposit to the Lawyer's client account and the Lawyer forwards those funds to the developer without securing the Bank Guarantee / Insurance Certificate and without establishing that the developers account to which they are sending the funds complies with the strict requirements of LEY 57/68 then the Lawyer may be negligent and guilty of acting with a lack of due diligence.

The Purchaser may then have a right to make a claim to the Lawyers Legal Indemnity Insurance for the loss of deposit.


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