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22 Aug 2019 17:26:

Bank Guarantees and law were introduced to supposedly protect and were marketed as such to act as legal reassurance, but past history and the way that purchasers were significantly compromised within an unregulated real estate, legal and Banking industry, and in all too many instances where Banks continue to remain in denial of their legal obligations, only leaves one to believe that offplan purchase even with laws in place, remains a risk too far.    


This message was last edited by ads on 22/08/2019.
Thread: Off plan purchase -warning

22 Aug 2019 16:42:

Yes sadly the message has to remain buyer beware.

Please don’t shoot the messenger!



This message was last edited by ads on 22/08/2019.
Thread: Off plan purchase -warning

22 Aug 2019 16:07:

This appears to be a potential loophole where the Bank Guarantee only becomes effective from the point that a Building licence has been issued. It’s intent was presumably to ensure building licences are in place before monies are deposited, but this is obviously dependant on the conveyancing lawyer’s due diligence....

Hence the forewarning buyer beware.

Thread: Off plan purchase -warning

22 Aug 2019 15:04:

A new law Ley20/2015 replaced Ley 57/68 for offplan properties and this law came into force as from the first of January 2016. So all those purchasing off plan property after that date must remain aware of the following.

The change in the law is that bank guarantees are only valid as from the time a developer attains a Building Licence from the town hall. Only as from that moment onwards are bank guarantees valid.

Many developers try to allay purchasers fears claiming they have an application for a Building Licence; well, that isn’t enough. Unless a developer has attained a Building Licence, all the money you have paid towards your new property is unsecured.

Should the developer go bankrupt or the development become stalled (for whatever reason) you will lose ALL your money. Even if you have been issued with bank guarantees rubber stamped by a bank, they are totally useless unless a Building Licence has been issued.

A conveyancing lawyer must therefore advise his client not to pay any deposit before a Building Licence is issued to a developer. 

To repeat, any interim payment you make prior to its granting will therefore be unsecured and you will be left financially exposed with a risk of losing your deposits. It must be stressed that deposits are NOT covered by a bank guarantee or insurance policy prior to attaining a Building Licence under this new legislation.

Buyer beware!

Thread: Off plan purchase -warning

20 Aug 2019 20:06:

So will this now mean that the Banks by not paying on time will be penalised by not receiving the discounts?

But because they have also compromised a few owners, presumably they will not have their discounts affected as it wasn’t their fault that they couldn’t pay on time? Bit of an administrative nightmare???

As though you haven’t already got enough to do.sad

But by blocking owners accounts what about their ability to pay other d/ds, or is this just the d/ds for community fees that are affected?



This message was last edited by ads on 20/08/2019.
Thread: Debt status certificate


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