15 Jan 2009 12:02 AM:
"Personally I took the gamble that as the property is completed Bank Guarantees would be void "
Just a note on your above comment Dan:
Bank Guarantees do not become 'void' just because a property is completed, even if the Architect has issued the End of Works Certificate. All that means is the Architect's job of overseeing the construction to his satisfaction has been done.
This EOW certificate has nothing to do with the property having any legality in the eyes of the Town Hall - this only happens when their own inspectors make a site visit and are happy. When that happens, they issue the Licence of First Occupation (LFO), and then.....and only then....is the purchaser obliged to complete.
The Bank Guarantee is valid until that completion day at the notary's office.
No LFO, the purchaser is not legally obliged to complete without it, and they can sit tight with their Bank Guarantee until there is one.
Am sure you know all this stuff, I just didn't want anyone not so clued up about this to get confused. 
Community thread:
Case won in High Court against the developer of GH
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