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The Supreme Court Continues to Rule in Favour of Those Affected in the Trampolin Hills Promotion in Front of Caixabank

Image to illustrate trampolin hills blog, women looking at her purse
Supreme Court Continues to Rule in Favour of Those Affected in the Spanish Property Crisis

The Supreme Court in Spain has recently issued a new ruling in favour of a lawsuit represented by a home buyer involved in the Trampolin Hills promotion. The buyer had paid a significant deposit for a home he never received. He therefore claimed  for a refund  of the deposit monies by the guarantor entity, Caixabank. The homebuyer in question obtained two favourable judgments in both instances, before Caixabank appealed the case to the Supreme Court. Their argument was that the bank should not be held responsible for the money that the buyer had paid in cash to the promoter and instead he should have deposited the money into a bank account. In this particular case, there was an issue with some of the amounts paid by the buyer, as they were made in cash payments.

 

Both judgments of the Court and the Audiencia Provincial decided to rule in favour of the buyer. This resulted in the guarantor bank, Caixabank, being obliged to return all the amounts that the buyer had paid, regardless of the method of payment. The Supreme Court’s decision has made a final ruling in the proceedings. Thanks to our Spanish legal team’s commitment, the Bank’s appeal was rejected on 11 February 2020, allowing the buyer to pursue a claim for repayment of the deposit. The property buyer was able  to recover €31,000, plus an interest of nearly €13,000.

 

What does the Supreme Court specify about cash payments to property developers?

The most notable part of the case is that the Supreme Court clarified the position of the guarantor’s responsibility under Law 57/68, confirming that the bank is obliged to cover all the amounts paid in accordance with the contract of sale, regardless of the method of payment. In this instance, the court held Caixabank liable for being the guarantor of the promoter despite the fact that the buyer had made a cash payment to the property developer without the development being completed.

As long as payments are made in accordance with the contract of sale between the buyer and the promoter, the guarantor bank is obliged to refund the deposit back to the buyer, in full. This is not limited to funds that people deposited into a bank account but also captures those individuals who paid in cash.

Hurry, contact MySpanishDeposit if you paid a deposit to a Spanish developer for a home between 2005 – 2016 that didn’t get built, and the developer didn’t give you your deposit back! 

Lawyers at Eskariam, forming part of the MySpanishDeposit team,have already recovered over €200 million worth of lost deposits on behalf of thousands of people like you. If you pursue your claim with us, there is zero up front cost, and zero risk to you. If your claim is successful, the legal team will charge a fixed percentage of the money that you recover, with no hidden fees and no hidden extras such as VAT.

Click here to learn more and read our frequently asked questions.

Register now – before the 20 September 2020 cut-off date for new registrants and our legal team at MySpanishDeposit will take the necessary steps to protect your right to claim before the deadline runs out in October 2020.

 

 

Author:

Alejandro Castilla, responsible housing area lawyer

 

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