El blog de Maria

ads said:
Wednesday, January 29, 2014 @ 5:02 PM

Maria,

What are the legal obligations on the Bank that provides a generic BG to monitor off-plan purchase contracts and deposited monies and issuance of individual Bank Guarantees, if there is more than one sole financier for the development?

Also does the conveyancing law firm have responsibility to identify which individual Banks are responsible for financing the development, and ensuring that the details relating to where deposited monies were to be transferred were written into the original purchase contract i.e. do they have a legal obligation to stipulate which individual financing Bank, if there was more than one Bank funding the development, was to be responsible for protection of the purchasers' monies, or is it sufficient to just make reference in the original purchase contract to the generic Bank ?

If monies were subsequently transferred into another Bank rather than the generic Bank, do you need to gain proof that this Bank was one of maybe several Banks funding the development and would this individual Bank (as opposed to the generic Bank) become responsible for return of monies?