Aifos developments where Bank Guaranteed have been found

- Balcon del Hipodromo
- Hacienda Casares
- Las caballerizas
- Hacienda Marina
- Cala del Sol
- Terrazas del Mediterraneo
- Puerto Golf "Las Colinas"
- Cortijo Torreblanca

Dear Maria,

I am absolutely gob smacked, it is unbelievable that you have found that our complex Hacienda Marina is actually covered by a Bank Guarantee ???

I paid my deposits in 2004, so it begs the question as to what the hell have the other two Spanish Law firms, that I previously employed, been doing since then, especially when I was told in 2008 that our block of apartments were never going to be built ???

I am not aware of the legal procedures etc. but why was this information about the Bank Guarantee not included in my file ???

Have the Banks deliberately hid this information from these lawyers ???

Anyway I would like to congratulate Maria and her team for this wonderful news, and please pass on my thanks to all concerned.

Best wishes

Thanks Belucky! It has been through judicial proceedings: the Judge asked Aifos administrators to provide them to us, based on the arguments on Banks liabilities we have been developing along the years.

Hi Maria,

I'm still at a loss as to why no one either knew about the Bank Guarantee or for whatever reason they hid its existance ? 

Could you briefly explain the procedure when the Bank Guarantee actually comes into being ?

Who does the Bank make aware of its existance, is it Aifos's Lawyers, or my Lawyer ?

Does the Bank Guarantee come in the form of a document and should it have been in my file or is it something that is just discussed verbally ?

What reason would AIFOS have, to not inform my first lawyer, if he was not aware of it, about the Bank Guarantee, when in 2008, AIFOS told us that our property was not going to be built and that they did not have any money for a refund ?

Why would AIFOS agree to give us a refund in 2009, when they lost the court case, instead of bringing up the fact that there was a Bank Guarantee ?

Sorry for all the questions but I just don't understand why such an important document in the buying procedure of "off plan" propertys is so misused and misunderstood.

Well done again Maria.......

Isn't  a Bank Guarantee, when it becomes available, supposed to be annexed to the purchase contract, or is this requirement only for individual BG's as opposed to a Generic Guarantee?

For a generic BG to qualify does there have to be reference to it in the original purchase contract?

Many may not be aware also that proof of where deposited monies were transferred is required as you previously identified

Belucky you observed "Sorry for all the questions but I just don't understand why such an important document in the buying procedure of "off plan" propertys is so misused and misunderstood. " which is exactly why full recognition of inalienable rights and adherence to Ley 57/68 needs to be strongly defended wherever possible, especially when retrospective changes or rulings that compromise innocent offplan buyers are made by the judiciary and/or Supreme Court......

This all comes back to consistent recognition of Ley 57/68 in its entirety.

Maria,

Are you able to show scanned copies of these guarantees to us? It does seem a little unlikely that they have been hidden for so long. Could you explain why this might be?

How does this affect current and upcoming cases? Will presentation of these guarantees to the court enable the court to make a judgement on the banks and return our money? Does this make it 100% certain that we can get a refund? And this will reduce the timescale too?

Sorry, I have a million questions!

Thanks

Paul

Maria,

Reference your Legal Tip 1166, which states, AIFOS's BANK GUARANTEES AND SPECIAL ACCOUNTS.

You then list the AIFOS developements to which this applies, therefore, what I would like to know, is ?......

A) Since you have now established that our development (Hacienda Marina) is covered by a Banco Popular Bank Guarantee, 

B) And that our money was placed in a Special Account at the Banco Popular by AIFOS,

C) And since our property was never built, because AIFOS never had planning permission.

D) Then all our money should still be in the Banco Popular Special Account

E) Would it be possible to present the Banco Popular Bank Guarantee and demand the return of the money ?

Cheers