Legal tip 636. Great for Burgos and Valencia on the defence of buyers against Banks in off plan purchases
If you bought a property off plan in Arenal Golf Fases 2 a 5 from Arenal Sur 21, S.A. and you did not receive an individual certificate of Bank Guarantee, you might be interested on this:
Together with last one by Murcia, new Case Law ones coming out by Burgos and Valencia deffending the obligation of Banks to refund, in cases where individual certificates of Bank Guarantees were not handed to buyers.
In essence the protective character of this wise Law dated 1968 plays the big role in favour of buyers who advanced good amounts of money for something that initially is just an architect plan.
Law 57/68 made Banks guardians of buyers amounts, in what it is a very correct approach with a great sense of balance of markets and limits to the strong parties.
If you are interested on information about this action, please email us to web@costaluzlawyers.es
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"Grazalema", Cádiz, Spain, by Werkmens, at flickr.com