Bank Guarantee Process for Claiming

Avicola
The solicitor that says they are confident in your case concerns me greatly.
Its sad that many solicitors are just saying that to provide a lifestyle lost when now the market has gone.
Now I cant tell you how important it is that you have a very very good recommended solicitor that will not just lie down at the first hurdle as trust me they will.
If its a lady you will want a legal bitch with teeth and a male then a real bastard with either not prepared to let the situation regarding your case keep falling down the pecking order.
You will need someone street wise and have been around the block a few times, can work an imperfect system to your advantage and are not in the pockets of the other side in a case.
I hear there is a real legal bitch on this very forum and if you are looking for recommendation I would have no hesitation in recommending Maria.
Very nice lady but would not like to meet her on the other side in a court case.
There are some good lawyers but please be aware there are many bad.

Just Dan
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I wish we had gone to Maria in the first place.  I wish a lot of things actually, not least that we had not taken the assurances of the EA in the first place when they said dalays were impossible as the fines were too hefty (there were no penalties as it happens) and that the developers simply could not go bust as they were too big (hence no mention of BG.).  But when they have many awards, and you have been looking at investing and talking to them for some time before the big decision , you get taken in.

And then getting a solicitor in a hurry because we received notification to complete with only 2 weeks notice, it did not leave much time to 'shop around.' 

I also wish the EA had told us that since the developers did not have the cedula, we did not have to complete on that date.  But they didn't.  I had to find that out from someone else by which time we had appointed a solicitor.

And now we have paid 3,400 euros to the solicitor with a further 1,000 euros to a procadura. 

Sadly, to pay someone else, even someone as good as I am sure Maria is, may not be possible.

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Dear you three: Please find some comments/ answers below in bold green: I wish we had gone to Maria in the first place.  I wish a lot of things actually, not least that we had not taken the assurances of the EA in the first place when they said dalays were impossible as the fines were too hefty (there were no penalties as it happens) and that the developers simply could not go bust as they were too big (hence no mention of BG.).  But when they have many awards, and you have been looking at investing and talking to them for some time before the big decision , you get taken in. And then getting a solicitor in a hurry because we received notification to complete with only 2 weeks notice, it did not leave much time to 'shop around.'  I also wish the EA had told us that since the developers did not have the cedula, we did not have to complete on that date.  But they didn't.  I had to find that out from someone else by which time we had appointed a solicitor. And now we have paid 3,400 euros to the solicitor with a further 1,000 euros to a procadura.  Sadly, to pay someone else, even someone as good as I am sure Maria is, may not be possible. Oh yes! There are many great lawyers in Spain.
Just Dan 11 Oct 2008 11:12 AM	Avicola The solicitor that says they are confident in your case concerns me greatly. Its sad that many solicitors are just saying that to provide a lifestyle lost when now the market has gone. Now I cant tell you how important it is that you have a very very good recommended solicitor that will not just lie down at the first hurdle as trust me they will. If its a lady you will want a legal bitch with teeth and a male then a real bastard with either not prepared to let the situation regarding your case keep falling down the pecking order. You will need someone street wise and have been around the block a few times, can work an imperfect system to your advantage and are not in the pockets of the other side in a case. I hear there is a real legal bitch on this very forum and if you are looking for recommendation I would have no hesitation in recommending Maria. Very nice lady but would not like to meet her on the other side in a court case.  We just do the unpossible to protect and protect and protect There are some good lawyers but please be aware there are many bad. Just Dan .
avicola 11 Oct 2008 10:42 AM	Can you tell me what is the executive judicial procedure please? It is a summary judicial action by which the Judge imposes the honouring of  titles. In this case, Court asks  for the fulfilment of Guarantees to the Guarantoor And what are the ramifications of there being no completion date in a contract?  Null and void contract. (There was only the license to build dates, which commenced August 2004 and expired August 2006, although the development is now completed - August 2008. )  We initiated proceedings July 2008 to cancel the contract, having been put off been put off by the estate agents from doing it earlier as they said  that we didn't have a hope and would just loose all of our deposit. And now the solicitor, having been confident of our case, now seems keen for us to accept a deal which will, at best,  still see us loose  an awful lot of money.  Do you have Bank Guarantees? It feels like being in a boxing ring with your hands tied behind your back! I can understand

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Hi All
     Can anyone tell me what would happen to buyers bank guarantee if the bank they are with collapses?

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A question I keep asking but with no reply
 Who is going to pick up a multi billion amount of Bank guarantees on depreciating assets including half finished and not started property

Just Dan

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Bank Guarantees should be be fully protected by the Bank and can be funded through a mixture of monies lodged by Developers and are often topped up by an Insurance Company Policy. The Developer pays any insurance premium and then the Bank issues the Guarantee.

Guarantees can have a specific completion date, can be extended or can be written to cease on the actual completion date or when the First Licence of Occupation is issued!

Saying that, individual guarantees should be scrutinised very carefully by your lawyer and are normally only provided in Spanish.

I would expect that Guarantees would be honoured in the event of the Bank going bust as the Bank should hold guaranteed monies in "Protected Accounts" Any shortfall could be funded through claims against the Development Projects Insurance Policies!

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Thanks for your replies. 
There are so many things to worry about these days we never thought banks  collapsing would be a concern but now as in other countries it certainly is.
Thanks again.

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