New-Build Property and Guarantee Insurance

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17 Feb 2021 21:18 by VP2707 Star rating. 1 posts Send private message

Good Evening All,

Hope you're all well and keeping safe.

Please can you help me in relation to a query I have?

In July 2020, my Mother and Father paid a reservation deposit of 6,000.00 EUR to MASA relating to a purchase of an off-plan property.  The payments were scheduled to be on a staged payment basis.

In September 2020, a payment of 16,275.00 EUR was due - however, we appointed a Solicitor who advised us not to pay any more monies to MASA until they provide something called a surety guarantee insurance. We advised MASA of this and despite me emailling to obtain this nearly 150 times from September 2020 up until now, they have not provided us with anything. On that basis, we have decided to cancel the contract as this does look very odd.

I understand, based on a Google search, is that MASA by law should have provided us with this at the point of paying the reservation deposit and are therefore in breach of law. We are hoping that they will refund the 6,000.00 EUR reservation deposit based on the fact that they have simply not provided us with the document.  I know that this is doubtful and they will say no to the 6,000.00 EUR - and then our next option is to take legal action which we want to avoid due to cost and time.

Has anyone else had experience in this area? 

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17 Feb 2021 22:17 by windtalker Star rating. 1776 posts Send private message

Google Camposol & Grupo Masa ...Masa the builders officially went  bank rupt approximately 4 year's back for approximately 30 million euros many many people lost their properties ..on Camposol the reason Masa are still trading  is due to the fact that they transferred all the bad dept's on to a sister company called Justo Y Manoli they then put JM into liquidation leaving Camposol unfinished ..if you have only put €6,000 down personally I think you should just forget about it as it would take possibly 10 year's or more to get to court get it back ...think your self lucky it was only €6,000 no disrespect intended but only a mug would put a deposit on a property that hasn't been built yet ..I don't know why people do this when they can see thousands of Finnish key ready properties up for sale  many thousands of people have lost money on so called off plan property... Spain is notorious for this good luck .




This message was last edited by windtalker on 18/02/2021.

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18 Feb 2021 10:37 by mariadecastro Star rating in Algeciras (Cadiz). 9345 posts Send private message

Legal Questions? Speak to Maria Direct

Dear VP2707:

Did the property have Building License. I will be pleased to take a look to the contracts you sign and tell you about your possibilities. We have been inmersed in a huge fight for off plan deposits during the last 16 years ( and still on for many years....)

You can check our blog here:



Maria L. de Castro, JD, MA



El blog de Maria

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