problems with a bank guarantee

i have a so called bank guarantee for my purchase on nueva ribera beach club . my phase isover 2years late with no sign of completion .  my solictors cancelled my contract as required 2weeks after completion was due  . they then requested the bank to return my money/ execute the bank guarantee. the bank refused as the developer thinks the delay is justified . now i have to go to court to try and get my money back  .even if iwin the bank will appeal . i would have thougth the bank would not take sides but use common sense.

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Like Chindo we have requested lawyers to execute bank guarantee as property has been completed for some time but developer is unable to get habitation licence.  we are in phase 11 of development and phase 1 residents ate taking a major lawsuit against builders for major faults in construction.  There are also problems with land and road access.  Our lawyers informed us that we must take the bank to coury and we have paid 4000 + euros up front (only half the estimated costs) and granted them power of attorney for the court proceedings.  It is very difficult to get information from them and we are very worried.  We paid our money in June and nothing appears to have happened. We would appreciate advice.

MM

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Hi
Have the same situation
 Banks even agree I have a claim but the developers are telling the Bank not to honour the guarantee.
Now I have to take both the developer and the bank to court as they will play each other off.
The bottom line is that there are multi thousands of claims against bank guarantees which if they were allowed to succeed would bring the banks down.
What they hope is that people will give up the fight/run out of money to pay legal fees/appeal if you are sucessful and it goes on.
When and if you get them to court (mines 4 years and no date set) they may settle on the court steps if the case is strong.
Seems a case that they have nothing to loose really even if they have to pay interest  so no big deal really ( think of it as a loan where you have no security/you may get yer money back with interest or you may get naff all)
Now if you cant get the banks to pay out, you take the developer to court and win he either appeals or refuses to pay OR CANT PAY.
Now if you loose which is getting the most common outcome you pay both parties costs . AND, AND if the courts feel that you should have completed sometime in the past without the habitation license etc they are talking about the purchaser being reasonsible for back dated interest costs and management fees in favour of the developer.
NOW WORK THAT LOT OUT AND HOW DOES ANYONE DECIDE THE BEST COURSE TO TAKE.

Just Dan

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Hi Just Dan,

You paint a very gloomy scenario.  Is it really that bad?

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Hi RoseGreen
Well lets put it this way its not straight forward as we were promised and feel its better to look at what is happening so we dont get  our hope up like I did.
Yes this really is happening and a lot worse.

Just Dan

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Court Cases against Banks or Insurance companies for the honouring of the Bank Guarantee are executive procedures ( no discussion on justification for delay is allowed here). They are faster and easaier that the declarative procedures ( against the developers) and when executing these Guarantees for off plan purchases, are communly won. Of course legal costs will be imposed on Bank or Insurance Compaies who are not honouring them first hand as they should.

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Dear Maria
Thank you very much for the reassurance. We loved very much the apartment location etc but there are too many problems.  When we get our money back we want to try again.  We sold  our house in Ireland and move to an apartment to enable us to have an apartment in spain.  So it is not an investment with us but very much a dream we have looked forwad for years.  Muchas gracias.

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Wonderful.  Now... you know how to do it.

1) You find your  lovely property.

2) You find your own independent lawyer with good expertise in Civil and Consumers Law and with good references from other clients.

And you... succeed in your property purchase process. 

Now, time to learn Spanish and  to inmerse yourself into spanish culture, mingle with us, Spaniards.

Just as a suggestion:  It is a brilliant idea that of someone who posts here and who offer his house for young spaniards to improve the english... that is a good recipe to find spanish families  and to become friends.

Best,

Maria

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Well thats sorted then.

Everyone gets their money back with little problems if they use a good independent lawyer.
Now when do we get our money back?

When is the court date and if they appeal then we will still win.and get the costs.

Where do we get in the queue .

Here was me getting all worried.

Just Dan

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I was talking on future purchases.....
For people with a judicial procedure.... patience, loads of patience... with a good independent lawyer of course.

Just Dan:  I know you are such a nice man!!

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Oh Maria 
You have spoilt my whole bank holiday weekend.
Serious . Thanks for all the support and advice you give to us all .

Just Dan

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