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The Spanish Lawyer Online

Antonio Flores’ Blog

Thoughts about laws and regulations which affect foreigners in Spain


Archive for May, 2009

Deposit refunds secured for 36 Clients at Larsol

May 9th, 2009

grupo-larWe were not sure we would be able to achieve the feat, as my colleagues like to call it, but after 15 months of constant mailing, faxing and telephoning by our staff (and fair to say that also a couple of clients), and subsequently Court action, ACC Seguros said they were prepared to honour the insurance policies we had secured for the final 36 investors who had bought through Lawyers Of Spain from the development Lar Sol.

As I walked into their offices in Calle Orense 80, Madrid, last Thursday, I did not have any certainty that my day trip to Madrid in the incredible AVE train would see me running out of their offices with over 2.5 million Euros in deposits. But when I pulled out the carefully prepared documentation our meticulous Olga had prepared for me on behalf of the 32 clients (2 clients had invested in two properties), and they placed the bankers drafts on the table I knew that we had won.

Francisco and Roberto, from ACC Insurance, mechanically reviewed our paperwork and began giving us one check a time and when it was over and the monies were in my case they confided that they would possibly stop further honouring any more policies (hopefully except for 2, our only 2 remaining clients for whom the paperwork was incomplete).

It is possible that some of these clients would still want to sue the developer for compensation, as the contracts inserted a clause whereby should the developer fail to finish the units on time a penalty of 50% of the deposit is applicable. This was made possible as at no time we waived the above rights.

Whether they finally go against the developer or not, it is a great success for our clients who can say that the property downpayment guarantees has worked as it was devised to do, thanks to people like Olga (especially), Roberto, Javier and many more. Thanks to all on behalf of Lawyers of Spain. I also wish to thank Luis and Raymundo, from Lawbird Legal Services, for their continuous support and advice and the Court cases they have prepared and lodged to claim the compensation as devised on the contract.

Litigation, Property , , , ,