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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money. In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

25 November 2011 @ 00:34

Many purchasers have been robbed of the chance to enjoy everything Spain has to offer. For many it is just a dream as their money has been 'stolen' by the corrupt developers and negligent Banks. Many wonder if they will live to see the return of their money and have a second chance at experiencing the positive things Spain has to offer.

Spain is a fantastic country with friendly people. It is such a shame that the image of the country is tarnished so badly by the corruption and abuses in the property sector.

I sincerely hope that Sr. Mariano Rajoy and his new Government will realise that if they act quickly to resolve the Bank Guarantee issues then the result may well be a revitalised Spanish Property Market.

The problem at the moment is most prospective buyers have their money stuck in the system and until such time as it is refunded back to them in full they will not have any trust in the property market.

Now is the time to act Sr. Rajoy. Learn from the mistakes of Sr. Zapatero, Sra. Corredor and Sr. Blanco. Work immediately with us - the victims - and the Banco de España and together we can provide real and effective solutions to the Bank Guarantee Abuse that thousands are currently suffering. Only then will trust be regained and property buyers once again be tempted to invest in your wonderful country.


Below are some key points from the PP election manifesto. It is a 24 page document with 100 Proposals for Change. No mention of Bank Guarantee Abuse but let's see if they are true to their word on these related issues.

More society, better government

We know that it will not be easy and there are no short cuts. But we are prepared for the job and we have the enthusiasm, courage and capacity to make a right start and work towards the kind of Spain we all need.

We have to lay the foundations for a more competitive economy so that we can restore confidence and once more make Spain the best place to invest and create jobs.

The image and influence of our country abroad - We must restore our trustworthiness and credibility in the world.

Spain, competitive in the euro


We will develop a general plan to improve the image of Spain as a brand that will provide exporters and investors with the image of a country of excellence in all areas.


Credit to finance recovery


We will complete the provisioning and restructuring of the financial system. In doing so, we will provide assistance in the active management of impaired assets for financial institutions that require it. These assets will be placed on the market under criteria of transparency, market price and independent supervision.

Housing policy for growth and cohesion


We will reform the law on insolvency to introduce mechanisms freeing debtors after the enforcement of their assets that can be attached, with due guarantees, to prevent abusive behaviour.


Spain, a global tourism power


We will present a comprehensive plan for tourism, which values the industry as a priority. It will improve its tax treatment and develop policies that cut across all ministries involved in the sector. This will involve collaboration with the autonomous regions and the participation of the private sector.

We will boost the image of Spain as a quality tourist destination by modernising and improving the network of tourist offices in Spain and abroad. We will promote the holding of major cultural and sporting events in Spain. We will boost the Spain brand as a model of quality tourism.


Government: the motor for change


In the globalised world the quality of our legal system and the efficiency of our institutions make up a powerful factor affecting competitiveness. They must be an integral part in guiding our strategy for economic growth.


Austerity, transparency and responsibility in the administration of public resources must be the core principles behind all reforms.


The transformation that all levels of government are undergoing must aim for three clear objectives: more efficient provision of public services; more efficient participation by the private sector in the provision of these services; and greater answerability backed up by full transparency.


A modern state must guarantee values of certainty, legal security and legal trust.


Some principles must be fully accepted in regulations: realistic objectives and time horizons; properly defined competences; a reduction in discretionary awards; transparency in the decision-making processes; transparent regulatory dialogue between the authorities and interested parties; flexibility; adaptability; minimum intervention; and full respect for market mechanisms.


We need clear, precise, stable and easily applicable laws, regardless of their origin.


Using the advantages involved in political and administrative decentralisation requires the rigorous tackling of many of the problems which have so far been ignored.




We will immediately approve a law on transparency, access to public information and good governance, in accordance with the principles inspiring the European Convention on Access to Official Documents.

The law will tackle transparency from a comprehensive perspective as the right of citizens and a basic principle for action by all the public administrations. It will guarantee in a balanced fashion the right to the protection of personal data against the safeguard of general interests.


Exemplary behaviour and transparency are essential in the activities of those who assume public responsibility, both at the personal and institutional level. The Popular Party is committed to promoting transparency, austerity and rigour and to fighting corruption in politics and in all public administrations.


A contradictory and excessive legal system dependent on arbitrary legal impulses is an insurmountable drag on the credit of a society.

We need a consistent legal framework with effective laws applied by institutions and bodies that guarantee qualification and transparency. A stable environment that inspires trust makes possible the best initiatives and most effective projects.


Flexible and consistent justice


We will change the model of the judicial system to make it effective, accessible and transparent for people involved in legal action, and ensure a unified management by all jurisdictional bodies. We will create an agency to organise a single computerised system that provides immediate online information on judicial matters and of those that are in public records related to the administration of justice.


We will strengthen the function of the Supreme Court as an appellate court for legal review.


The prestige of the Constitutional Court


We will modify the procedure for the election of judges to the Constitutional Court to prevent it from taking undue time.


We will re-establish the system of appeal on constitutional grounds prior to proceedings involving the reform of the autonomous regions’ charters. Appeals for the guarantee of fundamental rights will be limited to the ordinary courts and we will reserve the Constitutional Court for the exercise of its powers in cases of constitutional interest under law


European policy and influence abroad


We must recover our leading role abroad as a reliable, dependable and respected partner. The economic and institutional reforms we are going to undertake will contribute to international respect for Spain and its international role as an advanced Western democracy that is committed to freedom, democracy and the defence of human rights.

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