Bank guarantees

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This topic contains 1 reply, has 2 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years, 6 months ago.

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  • #54030
    Profile photo of Anonymous
    Anonymous
    Participant

    Can anyone offer any help or advice ?

    Our stage payments for an offplan property which is now not going to be built were covered by a bank guarantee. We were led to believe that our money would be safe if the developer did not complete. The bank is now refusing to refund our money. Does anyone know how the bank is allowed to choose not to refund.

  • #83509
    Profile photo of Anonymous
    Anonymous
    Participant

    You need to go to a good litigation lawyer and start Court proceedings against the Bank. Your Lawyer will need to get a Notary to document that no construction has taken place. It is called a Requerimiento Notarial. Sue the Bank not the developer. The bank has the money. The developer maybe bankrupt. Depending on where the property was to be built, Mark ( owner of SPI) has a list of recommended lawyers covering different regions of Spain on the forum/website.
    Good Luck.

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