Enforcement of guarantees for down payments

Fernando SanahujaDerecho bancarioLeave a Comment


The current real-estate scenario leads us to pay special attention to situations in which dwellings still being built are not delivered to their rightful owners, who have made down payments on them.

In this regard, Law 57/1968, of 27 July, on down payments for homes under construction, is worthy of note.

  • Production of loss. Failure on the part of the developer to deliver a dwelling within the time frame stipulated in the contract. Absence of first-occupancy licence.
  • Abusive clauses in the down payment guarantee/policy (specific term for execution/validity, onerous obligations for the insured, etc.).
  • Insured’s inalienable rights under Law 57/1968.
  • Causes for termination of sale agreements due to lack of down payment guarantee. Claims against developers for down payments made plus legal interest.
  • Friendly and legal claims against insurers/banks guaranteeing the down payment for dwellings under construction.

Given the near-bankrupt situation of most developers/builders, our services adapt to the current legal situation, including:

  • Filing as creditors in bankruptcy proceedings. Submitting bankruptcy-related incidents as cause for termination of sale/deposit agreements where applicable. Defending customer credit standing.
  • Filing claim for down payments made against developers in bankruptcy proceedings or insurers/banks guaranteeing the down payments.
  • Filing friendly claims and/or lawsuits against insurers/banks guaranteeing down payment sums.

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