Recovery of Deposit

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13 Nov 2011 7:40 PM by ekaton Star rating. 2 posts Send private message

Very interesting to read all of the posts. I am in a similar position, have over 100,000 tied up in the Portofino complex

was told it would cost 30,000 to sue the developers even though they are late and there was no guarantee I would get my deposit

or my costs back. Now to add insult to injury they are selling the apartments cheap to all comers except those who have had there

money tied up in the complex for nearly 5 years. Even the Lawyers have stopped returning e mails. I don't want to talk bad about

Spain but it leaves you with a bad taste in your mouth.





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31 Jan 2012 6:41 PM by shin_digger Star rating. 1 posts Send private message

Costaluz Lawyers have commenced litigation on my behalf for Recovery of a 30% Deposit on a development at Cortijos Altos. It took me almost 5 years to obtain a copy of the purchase contract and have it translated, only to find that "abusive" clauses allowed the seller to demand payment of the 70% balance on the contract, within 20 days of completion, and then apply a punitive interest for non-payment. Alternatively, at their sole option, they could retain the 30% deposit, the property, and not complete.

It had been put to me that there was no need to incur the expense of litigation, because after all this time, and the clear breach of contract, the developer would never demand payment of the 70% balance, although this would still be far in excess of the value of the property today. My own view was this liability still represented a significant risk, that warranted pursuit of the breach of contract and recovery of the deposit, and Maria De Castro has confirmed that the Developer must agree not to pursue payment to remove a potential future liability This probably explains posts refering to buyer's agreeing to forego deposits in return for cancellation of further payments.

Maria suggested I summarise this enquiry and her response in a post, in case there were some buyers who have written off their deposits and believe that's the end of the matter. Depending on their spanish contracts, cancellation of further payments may be straight-forward, but how many buyers have copies of their contracts? She added that my commencement of litigation for breach of contract would ensure the seller could not claim the 70% balance.





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07 Feb 2012 11:15 AM by Keith110 Star rating in the UK and I am lead.... 681 posts Send private message

Good luck with your case shin_digger.

Let's hope CostaLuz Lawyers can recover your deposit.

Kind regards

Keith



_______________________

LEY 57/1968
CLICK HERE FOR THE BANK GUARANTEES IN SPAIN WEBSITE

       
      

fpag@btinternet.com




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19 Dec 2012 4:23 PM by carolinemills Star rating. 27 posts Send private message

Hi all,
As I see that many of you had problems with the deposits you gave to Herrada-San Jose, I must say that my lawyer in Spain won my case regarding the guarantees. As most of you, we didn't have any individual guarantees to our name, they were just general guarantees.
I know that every client has the same right as me so I asumme that you can recover this back too.
We won against the banks Banco Pastor, BBVA and SGR and they already paid our guarantees back.
I am really happy with the work done so if any of you looks for any legal assistance I can give you my lawyers email address or if you have questions you can write to me
caroline.mills36@yahoo.com
I hope that everyone can be as lucky as me
Caroline
 





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19 Dec 2012 5:03 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

 Congrats Caroline.

 Good time for reinvesting it in Spain at the 2013!

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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