Does a bank guarantee allow us to successfully reclaim back the deposit we've paid?

We bought a property six years ago off-plan.  It should have been ready after two years.  It was finally finished Sepember 2008.  We have a bank guarantee and are still awaiting the habitation licence.  Does a bank guarantee allow us to successfully reclaim the deposit we've paid to the builder considering it was four years late to complete?

Hello Big Steve

Welcome to EOS

Have you got the keys & Escritura for your home?

I ask because if you do, although it was very late completing, I thought the deposit formed a part of the purchase price?

Therefore, why should you be able to claim it back?

Surely compensation for late completion would be the route to go down?

There are Lawyers here on EOS who will answer your question in a legal light.

This is just my take on things.......

Regards,

http://www.eyeonspain.com/forums/posts-long-7581.aspx

Big Steve

Having said all that, take a look at this thread (link above)

There may be some more info interesting to you there

Kind regards,

Dear Big Steve:

Yes, you can cancel the contract by executing the Bank Guarantee if the First Occupation License is not in place.

Of course you can!

Maria

Can anyone tell me what a 'First Operation License' is ? I have e.mailed my lawyers to request a copy of the Builders Bank Guarantee but my lawyers seem to have disappeared off the face of the earth ! E.mails are not being returned as undeliverable however.

There is an article on First Occupation License and completion in the articles collection here in EOS as I cannot access it now, I am pasting the link to same article in my website:

http://www.costaluzlawyers.es/index.php?page=111-2&hl=en_GB

Best regards,

Maria

Thanks again  ! You are a marvel !