After exhausting months of searching and a lot of excitement, you finally found the home you were looking for. It is a new construction project that has almost a year left for delivery. You have studied all the necessary procedures to acquire a home in Spain and you are determined to take the leap. However, doubts and fears may arise about whether you could lose the money given if the work is not completed or if the developer goes bankrupt. In this article, we will explore this issue and provide useful information to help you and alleviate your concerns.
Law 57/1968 regulates the advance amounts received in the construction and sale of homes. This law required that the promoters guarantee the return of the amounts delivered plus 6% annually through an insurance contract or joint guarantee granted by an authorized insurer or by a bank, respectively, duly authorized and “in the event that the construction is not start or not will not come to fruition for any reason within the agreed period. Refunds were also contemplated in the event of not obtaining the first occupancy license or the certificate of occupancy.
Subsequently, Law 38/1999, of November 5, on Building Planning (LOE), in force since May 6, 2000, recognized the collection of advance payments for construction, maintaining the guarantee regime of Law 57. ./1968 with some nuances.
In relation to this issue, perhaps the most innovative thing is the recent jurisprudential doctrine of the Supreme Court that imposes joint liability in the return of amounts, of those banking entities that allow the promoter to deposit amounts on account without requiring opening. of an account or the corresponding guarantee in the form of a guarantee. Let's say that the control function of banks in the observance of due diligence is increased to preserve the interests of buyers-consumers.
In summary, Spanish laws protect the buyer-consumer in the event that a promotion does not start or conclude successfully for any reason within the agreed period. In addition, banks have an important role in enforcing legal compliance and must require a special account or guarantee to guarantee the return of money given on account. I hope this helps you better understand your rights as a buyer-consumer.
Views: 24
