Tag Archives: Off-Plan Deposit

June 14th, 2012

This is an interesting ruling for it only relates to interest, and not the principal, since the latter item was no longer in dispute.

However, unlike the prior ruling that was mentioned in this section (https://www.lawbird.com/wordpress/tag/residencial-calas-del-pinar/), the Judge deemed that interest was to be paid from the very time the deposit check was paid to the developer, and not when legal action was formally instigated.

The legal ground invoked here is that interest is deemed to be of a “compensatory or remunerative” nature, and not one of mere delay in performing an obligation, since one party (Peinsa 97 s.L.) was in total breach.┬áHe also added that monies paid some years back had less value than now and thus, it was fully justified for the buyer to be entitled to interest since day 1.