Law 57/68: Liability of banks for amounts paid on account to property developers

Law 57/68 requires that the amounts paid on account for the purchase of a home are correctly guaranteed.Law 57/68

A common scenario in recent years, with a deep economic crisis in which the real estate market has had a special significance, is that of buyers who paid down amounts for the purchase of a property under construction that never materialized, usually through the bankruptcy of the corresponding developer. When they went to claim the return of their contributions, they discovered that the developer did not have any assets with which to face the debts and, on the other hand, they were never given a guarantee or a policy to secure the amounts they had paid on account, as required by Law 57/1968 and also some regional regulations.

Faced with this situation, some law firms have fought the interpretation of art. 1 of Law 57/1968, defending the responsibility of the banks that did not verify whether these guarantees existed, and finally the Supreme Court has recognized this responsibility.

Claims based on Law 57/68

This experience has made Abolex a reference firm in claims based on Law 57/1968 against more than thirty banking institutions and in more than three hundred proceedings throughout Spain.

All the firm’s judgments to date have been favourable to our clients, which has allowed us to reach a collaboration agreement with one of the most important law firms in the United Kingdom, and to offer our clients our services, conditioning our fees to the result of the lawsuit: “if we don’t win, we don’t get paid”.

Our experience translates into your own security.

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