Don't pay for your bank guarantee

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Friday, November 17, 2006 EOS Team Moderator I'm in Costa del Sol I've made 2093 posts Send private message to EOS Team	Over the past few weeks I've noticed on many of the development message boards that people are being made to pay for their bank guarantees for their off plan properties. This is so wrong. The developer has to by law issue you with a bank guarantee free of charge. If your lawyer doesn't know this or isn't doing anything about it then it's time to find a new new. Maria de Castro, who is an Eye on Spain approved lawyer, recently wrote an article about this for our magazine. Click here to read it. You have the information to hand so please use it. Don't give these developers any more money than you have to. _______________________ Spam post? If so please click here to report it
17 Nov 2006 1:41 PM Smiley EOS Superstar I'm in Nueva Andalucia I've made 2076 posts Send private message to Smiley	I have been trying to get this point across myself in a number of threads. I wholeheartedly concur. So many people seem so happy to take their lawyers (or are they the developers lawyer) at face value and simply accept what they say. RGds _______________________ *Smiley* - patrick@marbellamortgages.com www.marbellamortgages.com *Sarcasm is the lowest form of wit .....but any form of wit is an achievement* NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK. TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING! Spam post? If so please click here to report it
17 Nov 2006 3:34 PM EOS Team Moderator I'm in Costa del Sol I've made 2093 posts Send private message to EOS Team	The problem seems to be worst when people use the lawyers recommended to them by the developer. In this case the lawyer will rarely act in the best interests of the buyers. Always find your own lawyer when buying your off plan. _______________________ Spam post? If so please click here to report it
26 Nov 2006 9:16 AM taxiparrots Ático I'm in Deepest Suffolk I've made 126 posts Send private message to taxiparrots	E O S Team, Regarding Bank Guarantees. I have read nothing that says the Bank Guarantee has to be provided free of charge.I have read Maria de Castro's article,can't see it there.Can you show me something written in law which says it has to be provided free of charge? I suggest it's entirely up to the developer if a charge is made.Anyone who decided to challenge the issue in court could well lose.Some of these developers are big powerful companies and know exactly how they stand on this matter. It's ok for forum members to ask for a free guarantee but not to take it further. taxiparrots Spam post? If so please click here to report it
26 Nov 2006 10:44 PM Smiley EOS Superstar I'm in Nueva Andalucia I've made 2076 posts Send private message to Smiley	Hi Taxi Parrots I am fairly certain the developer has to provide it at no cost. I read something about it roughly 10 months ago. Will see if I still have the article. At the end of the day the devloper will simply price it into the cost of the apartment. Rgds _______________________ *Smiley* - patrick@marbellamortgages.com www.marbellamortgages.com *Sarcasm is the lowest form of wit .....but any form of wit is an achievement* NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK. TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING! Spam post? If so please click here to report it
27 Nov 2006 10:10 AM miket Adosado I'm in Las Chapas, Marbella I've made 291 posts Send private message to miket	I agree that you shouldn't have to pay for a bank guarantee certificate unless the purchase terms clearly state that it's a chargeable element at the outset! Nevertheless, I would STRONGLY recommend that any reader of this forum who dosn't possess an original guarantee (Not a photcopy) from their developer for their FULL deposit plus iva, immediately takes steps to obtain it. I and more than 20 investors at a development who intended to claim against ours discovered that our solicitors had either not obtained a guarantee for the full deposit paid over or had not received one at all! To make matters worse we all believed our Promotor recommended solicitors were do a good job for us. In the end no matter who may be ultimately responsible for providing it, it is each buyers responsibilty to check that their guarantee is in place! _______________________ Mike T www.marbellahillview.co.uk Spam post? If so please click here to report it
27 Nov 2006 10:26 AM mariadecastro Finca I'm in Algeciras (Cadiz) I've made 883 posts Send private message to mariadecastro	The obligation of providing a bank guarantee is of the Developer since 1968, by virtue of the Law I specified in my article ( 57/68), in that same law it states that develoeprs can be fined witha fine of the 25% of the amounts they should have secured whit Insurance instruments or Bank Guarantees. No doubt, purchasers don´t need to pay for that. Best regards, Maria L. de Castro LAwyer www.costaluzlawyers.es _______________________ Maria L. de Castro, JD, MA Lawyer Director www.costaluzlawyers.es Spam post? If so please click here to report it
28 Nov 2006 9:21 PM taxiparrots Ático I'm in Deepest Suffolk I've made 126 posts Send private message to taxiparrots	I've still not read any document stating the developer has to pay for the bank guarantee. I understand the developer is obliged to provide one but nothing to suggest a charge cannot be made. Spam post? If so please click here to report it
28 Nov 2006 10:23 PM dorothy3 Studio I've made 32 posts Send private message to dorothy3	"However some developers are incurring in the unlawful practice of charging the consumer with the costs of the guarantee." taken from........... www.marbella-lawyers.com/index/articles/showArticle/buying-property-developer-spain Anyone not already bought off plan could find this of interest... www.spanishlawyers.eu/news-from-andalusian-lawyers/Andalusian-Lawyers-News-June-2006.pdf Spam post? If so please click here to report it
29 Nov 2006 2:14 AM JeansSis EOS Superstar I've made 2512 posts Send private message to JeansSis	This message was last edited by JeansSis on 5/4/2007. _______________________ Be respectful to other members who try to help. There's nothing to be gained by being offensive. Spam post? If so please click here to report it
29 Nov 2006 7:06 AM taxiparrots Ático I'm in Deepest Suffolk I've made 126 posts Send private message to taxiparrots	Tell me Maria L de Castro, how many developers have been fined, since 1968 for charging for their bank guarantees? Spam post? If so please click here to report it
29 Nov 2006 9:25 AM noelandwilma Apartamento I'm in Loughborough/Porto Fino, Almerimar (hopefully)Costa Almeria I've made 84 posts Send private message to noelandwilma	On a positive note, we have bought through MRI in Porto Fino and are using their recommended legal team. Thus far we have had no problems, even to the point of asking yesterday for confirmation that they hold an original bank guarantee. They emailed straight back with the confirmation and attached a .tif of the document. Can't ask for fairer than that. Spam post? If so please click here to report it
30 Nov 2006 2:50 AM JeansSis EOS Superstar I've made 2512 posts Send private message to JeansSis	This message was last edited by JeansSis on 5/4/2007. _______________________ Be respectful to other members who try to help. There's nothing to be gained by being offensive. Spam post? If so please click here to report it
19 Dec 2006 1:11 PM leeabby Ático I'm in Old Kilpatrick, Glasgow approx 20 minutes from Loch Lomond/purchasing in Almoradi,Costa Blanca, 10 mins inland from Guardamar Beach/25 mins from Alicante airport I've made 127 posts Send private message to leeabby	At last!!!!! Word back from my solicitor as follows in the last half hour........now I can finally relax and enjoy the holiday period.Please find attached the two annexes, one for each purchase, through which Luz de Almoradí confirms that you can sign the title deeds with the habitation license in place, as well as confirming that there will be bank guarantees at no cost, as requested MERRY CHRISTMAS EVERYONE!!!!! '' _______________________ Spam post? If so please click here to report it
21 Dec 2006 7:53 PM mariadecastro Finca I'm in Algeciras (Cadiz) I've made 883 posts Send private message to mariadecastro	Congratulations! _______________________ Maria L. de Castro, JD, MA Lawyer Director www.costaluzlawyers.es Spam post? If so please click here to report it

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