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THE BANK GUARANTEE FROM THE DEVELOPER |

THE BANK GUARANTEE FROM THE DEVELOPER

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Nowadays, the purchasers who were able to obtain a bank guarantee from the developers, when they proceed to hand over their deposits, have a huge advantage over the purchasers who did not ask the developers for the bank guarantee.

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Evidently, these purchasers who asked for the bank guarantee, will be able to recover the amounts deposited, once they have completed certain requirements.

According to the Spanish Law, Ley 57/1968, the purchasers will have to contribute the original bank guarantee and an official statement which declares that the developer has not commenced the building works or has not completed the property in the right time.

Spanish jurisprudence is very controversial regarding what kind of documentation is requested to verify if the building works have not commenced.

Spanish judgments recognise that sending a Burofax to the developer in order to request the developer to complete the property will enable the purchaser to execute the bank guarantee.

From my point of view, it is strongly recommended that you obtain documents from the councils in order to prove that the building works have not gone beyond the deadline set out on the contract, therefore it is inexcusable evidence that the developer has breached its obligations, and then the purchasers will have a stronger position against the developer, if they had to initiate a legal battle.

In conclusion, in order to enforce the bank guarantees, a lawyer should analyse every particular circumstance of each purchaser, although we have been able to appreciate above, we have many different legal ways to succeed and then to recover the amounts deposited.

It would be recommended that you are assisted by a Spanish Lawyer, because he would be able to offer different alternatives, as I have indicated above.

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