bank guarantees nothing
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hi with all the problems with bank guarantees i think they are a joke and mean nothing . i would beg anyone thinking of buying off plan to reconsider .wait till the development is built [you may wait a long time] . agents and developers rush you in to buying saying demand is strong . if you wait you may pay more but at least you wont have the headache . off plan and bank guarantees should carry a health warning like cigarette packets and should be banned .agents and developers must have a laugh at all of us . only way to get back at them is to stop off plan purchases so they build what they promise to the standard they show you in there office or show house .at least then your solicitors can do all the checks or if like my case the developer has allegedly obtained land or permission illeagley and get caugth its there problem not ours . so please if you anyone thinking of buying off plan give them some good advice [dont]
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I totally agree. It's fine to recite the law as it stands on the books but the fact is, it is not adhered to by either the courts, banks or the deveklopers - they manipulate it to their own advantage. I would also give the same advice to anyone thinking of buying this way - it's just not safe and is fraught with troubles. Anyway, now there must be a zillion already built properties on the market to choose from - I wish my timing had been better and I certainly wouldn't have gone this route.
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Bank Guarantees are being honoured by some banks and if they are not...... bad option.... as an executive judicial procedure will be enough for its inmediate execution and they will be imposed with legal costs. These procedures are fast and easy to be won.
I really cannot understand why these Banks/ Insurance companies are not honouring them, but what I can certainly understand very well is that Judges will execute them and legal fees will be imposed on them... for sure.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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