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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.
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Schools in Spain Guide | The Expat Files | Learn Spanish | Earn a living in Spain
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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
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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!
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Mike T
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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
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Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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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.
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This message was last edited by JeansSis on 5/4/2007.
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Tell me Maria L de Castro, how many developers have been fined, since 1968 for charging for their bank guarantees?
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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.
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This message was last edited by JeansSis on 5/4/2007.
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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!!!!!
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