Copy of Developers Bank Guarantee

This question has probably been asked before but I have not seen it.  Does anyone know if I should have a copy of the Developers Bank Guarantee ?  Our solicitor said that they have it although we have not seen it.  We are due to complete on property soon.

I would defo ask for a copy many on this forum including ourselfs were told that the bank g/tee was fine and all in place only to find out later when it really mattered that it was not.

You should ask the lawyer to fax you a copy of YOUR BG. It will say AVAL. It should hold your name, DOB, Passport number and the exact property that you are buying. Do not complete until you see The Licence of First Occupation. Do not  accept anyone say it is in place...see it with your own eyes. Once you sign for completion your BG, if there is one, becomes invalid.

Good Luck!

Most definitely.  Dont agree to anything unless you have the bank guarantee, make sure it does not last for say 1 year because if there is going to be any problems and you need to fall back on it it will usually be a year or more when you will actually have to bring it into force.

Think of it as a receipt dont part with any money until you know the bank guarantee is valid from both the builders point of view and the bank. Your lawyer will if they are good make sure your back is covered.  I cannot stress this enough. If you have any questions PM maria decastro she will advise I am sure.

Regards

Good point Chrissie.  Check the expiry date of the BG. IF you have one  and it runs out sometime soon,demand to have it renewed until the LFO is in place. As Chrissie says, the property may be completed but no licence is granted. The property would then be illegal . Don't leave it all to your lawyer hoping he is doing all the right things. Check and double check. If your lawyer is on the ball...GREAT! If not, then that's when it can all go pear-shaped.

Tish

When I saw the question I just panicked for 'friendly' my fingers just went on a trip.  You put it much better than me and I do wish I could have got this sort of info when I started out on the spanish dream.

Well put Trish and good luck friendly.

Regards Chrissie

Hi

Thanks for all the replys. They will make more aware now

All learned from bitter experience Chrissie.   The corruption was there when we bought, but it had not been uncovered.

Ask your lawyer to send to you the original copy. He can keep a photocopy and if you ever need to execute it you can safely bring it back to him/her.

Bank Guarantees are what is called " titulos-valores" which in plain words value the amount written on it: as  a check, a promissory note or a bill of exchange.  A photocopy is not enough.

Oh yes Maria! I forgot one very important detail that shpould be written on the Aval! The amount guaranteed. It should be written in words too.

Maria, our original Lawyers were VERY reluctant to give us the original BG. My husband was even more reluctant not to leave their office without it!   He won!!

Well done!

Maria