The Provincial Court of Las Palmas has decided that the seller does not have to return the deposit to some buyers who had requested the money from the bank for the purchase of a house and the bank did not give it to them.
The buyers decided to buy a house and signed a deposit of 8,000 euros with the sellers. They had even stipulated in the purchase contract that if the buyers did not get the money from the bank, the deposit would be returned to them. But the court understands that the buyers had made a request for financing that was impossible to obtain. They asked for more than 80% of the purchase value of the property as equity, so the buyers were to blame for the failure to buy the house. The first judgment ruled in favour of the buyers. Read more.
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