Wanted 2 month rental Iznajar Cordoba

Hi Roy
Every BG are different. It is like a contract. The bank doesn't have to check the legality of the BG and Banks draft BGs according to  developer instructions. They are not liable because they just are an instrument. The developer must produce through a bank a BG drafted according to the law
Our Act regarding Bank Guarantees  buying off-plan (57/1968 Act) clearly states that  the BG must set forth the expiry date which has to be the day when is granted the first occupancy permit. My client's BG does not state this date. Also this Act establish that the house is considered  finished when the FLO is granted. My client's BG consider that the dwelling is ended when you go to the Notary or when the development has the 'Certificado Final de Obras' (Certificate of completion of Building) or when the developer apply for the FLO.

But the more outrageous condition in order to execute this BG  is that  PEINSA can oppose to the execution and the bank won't refund the money if PEINSA say no. You will have to go to Court

I recommend buyers to get an independent English translation of their BG, in that way they'll personally realize what their BG are really covering and what will be the process in order to get the monies back