fines for lack of bank guarantee
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Just a reminder:
Developers not fulfilling their obligation of guaranteeing the handed amounts in off-plan developments with Bank Guarantees or Insurance Policy, can be reported and fined with a 25% of the amounts which should have been protected. According to General Building Act of 1999.
It seems the Consumers Authorities are very active with this kind of abuses recently.
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Do you receive this (written?) guarantee as receipt of the 30% payment installment and is that returnable in the event of cancellation?
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You need to receive that as a legal obligation of the developer when you pay the initial deposit and everytime you pay additional amounts. You need to give that back to them if the apartment is finished on time.
Best,
Maria
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Maria,
We tried to claim against our Bank Guarantees back in March 2006 when we were informed that our development would be delayed for at least 9 months at the time! Many of us were clients of Lex Marbella Solicitors in Marbella. Would you believe that they failed to obtain full guarantees for every one of their clients at our development!! When some of us sacked them and went elseware we couldn't find a single written request in our files for the guarantees to the developer!
Our new lawyers said that Lex Marbella should be sued for professional negligence but quotations for the legal process proved too high for many of us to contemplate? In retrospect we were all too trusting but hopefully we have all learned from the experience?
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Mike T
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Hi Maria
We are buying from Polaris World and their contract states completion within 18months from start of construction. Our development was due to have been completed summer 2008, we have now been advised that it has not been started and will not be ready until earliest end 2009. We have received bank guarantees for the deposit and first payment, but not the second payment. Can we ask for a refund due to the delay or have Polaris covered themselves with their clever wording.
Your advice would be appreciated as we were due to relocate end of this year.
Jackie
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It's not that expensive to sue your (Lex Marbella) lawyer. We are doing it. You just need to find a good litigation Lawyer that is willing to sue a fellow Lawyer. We did, but the case hasn't been heard yet.
we are not suing Lex Marbella but another s*** lawyer from Marbella.  This message was last edited by Tish on 5/27/2008.
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Legal tip 166. No Bank Guarantee?: action against the Bank
20 October 2009 @ 08:41
New action against the Bank in case of lack of Guarantees of Law 57/68
I had had a legal instinct for this since I started working in this type of cases , and have been trying to see, and to see, and to see and I finally saw:
If the Promoter opened a special account where they deposited the amount of your purchase off plan and the Bank did not give bank guarantees or checked out that those guarantees ( also possible through Insurance contract) existed,THE BANK IS RESPONSIBLE in accordance to provision 1.2 of said Act for the devolution of handed amounts plus legal interests if the works are not started or completed on time.
A great solution for many purchasers who lacks Bank Guarantee and a way to start building up a more risponsable financial system! It is about time to this.
www.costaluzlawyers.es
Madrid, November by Martius at Flickr.com
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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