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Where would the bank guarantee be written?or what do you do if you want one?do you have to pay 4 it?
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This message was last edited by JeansSis on 5/19/2007.
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Maria
Your article says you can get all your money back plus 6% interest.
However, I have been told I can only get 3 or 4% interest as that is the rate in spain. Also, that I cannot get my VAT tax money back. So I lose out in both ways. Can you please explain if what I have been told by my lawyer is correct ?
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The General Building Act reduces interests to legal interests but there is some controversy so you can still ask for 6%. Paid VAT is of course recoverable. Some compensation can be obtained too, depending on the case.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Hi
I asked our so;icitor for a copy and have received it - in Spanish. How can I be certain that the developer (Ocean Homes) is agreeing the liability?
_______________________
Gus
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If the Aval or the INsurance is legally alright, there is no scape for developer.
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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By scape I meant escape  or way out 
Cheers,
M
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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Maria - back to my question on VAT. What can I do if my lawyer insists that I cannot get my VAT back ? The original developer went bust, and the second developer went bust. So now it is a 3rd developer trying to finish the Building. Could that be a reason why I cannot get my VAT back ? Or do you think it is some legal requirement from the Bank ?? Please advise.
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Sorry but i think im a little stupid! What am i looking for when i look for my bank Guarantee? I know i have one my apartment is in D village, my lawyer has requested it but i dont know what piece of paper im looking for Arrrh!
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We had to pay approximately 800 euros to get our original bank guarantee. With the build not finished 18 months overdue we have been persistently emailing our Spanish solicitor to bring the BG up to date. The solicitor tells us the builders are not responding to their requests and they will send a "recorded" letter. That will probably take another 6 weeks.
Is it normal to have to pay for the BG?
Started this offplan with no grey hair!
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Jo and Jim
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Hi mojito
When we were looking with an agent in 2003 at buying off plan we kept asking "has THIS builder got a Bank Guarantee in force" as we'd heard we mustn't part with money unless it was protected by a BG. We didn't quite understand much more. The agent assured us the builder we wanted to purchase from had & he even offered the information it was illegal for builders to not give one as we were paying in stages. Armed with all this newfound knowledge we signed a contract.
Once in the UK we kept asking & asking where was this BG as no one had mentioned it further & we were concerned. After some delay the agent's customer service (HA !!!) informed us that the builder said it wasn't free, we had to pay for one ! As we had been totally misled by the agent, obviously in order to gain himself a sale, we insisted we'd only bought because we'd been assured we were getting this & no mention of any fee had been mentioned. After a few heated faxes from us the agent gave in & said they'd pay for our BG, whatever it cost.
Thankfully, we kept all the faxes that went between the agent & my husbands work address (as, at first, we had no home pc) plus emails afterwards, as they sent us a financial breakdown almost two years later & a fortnight prior to completion & there was 1200€ on it for our BG fee !! That was from Sept 2003 to April 2005. We did our nuts over that, I tell you, but could scan the fax from the agent, agreeing to fund the BG. They agreed to pay it as long as we completed April 20th, although on our contract the completion had been agreed for July 2005 but, because the villa was finished the November before & we'd seen it just waiting for us, we said we'd complete April. If we hadn't managed to complete April 20th (as I'd been quite ill & we really weren't sure if I could travel) we certainly would've insisted they pay for our BG until contracted date.
If you look at other threads you'll see Maria de Castro, the wonderful lawyer who helps so many on EOS, has often commented that a developer must give you a BG & it is free. However, you'll also see that this is far from the truth generally. Many are not given a BG & if they are, they are charged for it. As I say ours was 1200€ from 5th Sept 2003 to April 20th 2005. I also believe I saw Maria say something about extending BGs but I can't think what she said now.
Do a search for "bank guarantees" & hopefully you'll find it.
Maria is away for a few days but you could contact her by PM which will be there when she returns.
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Hi
We paid the first part of our deposit in June last year, BG was not collected by our solicitor until September. We refused to pay the second installment of our deposit until we had the BG. So the second instalment was paid end of Sept but the BG was not produced by the bank until 14 Feb this year. There was no charge but I hounded the solicitor for the BG every month until it was provided. From other links on EOS I discovered this solicitor's company had a history of not requesting BG from developers. I wonder what under hand dealings were going on? In the end I cut and pasted some of Maria de Castro legal quotes and sent it to my solicitor. This finally got the second BG.
We have now sacked the solicitor as this was just the tip of his incompetance.
Colin
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Thanks Morerosado. I've been cutting and pasting wise words from Maria to our solicitor for weeks now but doesn't seem to have any effect. We are due to complete next month....maybe, and our phase does seem to be complete so it might just happen. But a three year wait doesn't half make you reconsider when you see what you can buy in other countries. Just remind ourselves, flights are cheaper and shorter!
I think I read somewhere that if there is a problem with the builder and the solicitor didn't get the requested BG, the buyer can sue their solicitor. I'll cut and paste that one and maybe get a reply.
Cheers
Jo CDP, San Juan de los Terreros
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Jo and Jim
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Hi All
I paid my first instalment for my off plan property in October 2007 and wasn’t issued the Bank Guarantee until March 2008, 6 months in all.
So can I ask:
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I am due to pay my next instalment now and would like to know if I can insist that the bank Guarantee is issued first?
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Or if I have a legal wright to ask when the Bank Guarantee will be issued before paying this payment?
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Is there a legal time limit for Bank Guarantees being issued?
Regards
Phil
This message was last edited by PGM on 5/27/2008.
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