El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 166. No Bank Guarantee?: action against the Bank
Tuesday, October 20, 2009 @ 10:41 AM

New action against the Bank in case of lack of Guarantees of Law 57/68

I had had a legal instinct for this since I started working in this type of cases , and have been trying to see, and to see, and to see and I finally saw:

If the Promoter opened a special account where they deposited the amount of your purchase off plan and the Bank did not give bank guarantees or checked out that those guarantees ( also possible through Insurance contract) existed,THE BANK IS RESPONSIBLE in accordance to provision 1.2 of said Act for the devolution of handed amounts plus legal interests if the works are not started or completed on time.

A great solution for many purchasers who lacks Bank Guarantee and a way to start building up a more risponsable financial system! It is about time to this.

www.costaluzlawyers.es

Madrid, November by Martius at Flickr.com

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7 Comments

paul williams said:
Wednesday, October 21, 2009 @ 5:39 AM

Hola Maria,
I am one of the parties you are representing in the Finca Parcs consortium.
Reading your article on Bank Guarantees makes me believe that we have another contingecy plan if the Developer's offer does not materialise.
Am I correct?
Regards,Paul Williams
I

declan byrne said:
Wednesday, October 21, 2009 @ 2:06 PM

Hi Maria
I have no bank guarantee on a property i bought in spain 4 years ago.The deposits are im told in a bank account but we are only been offered 50% back should we accept this

Yours sincerely

declan

Maria said:
Wednesday, October 21, 2009 @ 3:41 PM

Paul Williams: Yes, we do.
Declan: I would need to see your documentation.

Keith said:
Wednesday, October 21, 2009 @ 4:56 PM

Paul Williams - I have sent updates this afternoon to all members of the Finca Parcs group. Kind regards, Keith

Lisa said:
Wednesday, November 25, 2009 @ 5:25 PM

I paid a 20% deposit to a developer 4 years ago. The property has not been constructed. The developer still exists and is refusing to refund the deposit! My contract said I should get a bank guarantee but this was never received. The developer states only people who paid a 30% deposit will get a guarantee. I think that if the bank has guaranteed the build regardless of the percentage of deposit paid, I should be able to pursue the bank even though I have not been given a bank guarantee?

Lisa said:
Wednesday, November 25, 2009 @ 5:34 PM

I paid a 20% deposit to a developer 4 years ago. The property has not been constructed. The developer still exists and is refusing to refund the deposit! My contract said I should get a bank guarantee but this was never received. The developer states only people who paid a 30% deposit will get a guarantee. I think that if the bank has guaranteed the build regardless of the percentage of deposit paid, I should be able to pursue the bank even though I have not been given a bank guarantee?

Maria said:
Thursday, November 26, 2009 @ 10:25 AM

Dear Lisa:

You can act against the Bank which received your money and did not secure the Guaranteeing of it, for full refund of all money paid plus legal interests, plus legal costs.

Best,
Maria

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Maria
Lawyer. Director of the Costaluz Lawyers team. Useful legal tips for an easy way in Spain. www.costaluzlawyers.es

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