A Spanish builder was ordered to return the purchase price plus interest to two expat buyers of off-plan property that was not completed on time. This ruling was recently affirmed by the regional Supreme Court and is potentially groundbreaking for buyers who were left in the lurch by companies that never finished their off-plan properties.
The two buyers had purchased two properties off plan at the Sierra Golf Resort, near Balsicas, Torre Pacheco. That is in Murcia, a bit inland from the Mediterranean coast of Spain. The properties were not completed on time and the buyers asked for their money back. The court ruled that the builder had broken the contract and it was ordered to pay back the money plus interest, as well as court costs.
Many construction companies failed to complete projects with the onset of the recession and this ruling could open the gates for buyers who were left waiting for new properties. It is good news for expats and international investors who are looking at buying property in Spain, as they know they now have legal recourse when something like this happens.
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