When do I ask for the Bank Guarantee

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This topic contains 10 replies, has 5 voices, and was last updated by Profile photo of Anonymous Anonymous 10 years, 5 months ago.

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  • #52001
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi there, new to this forum. I have paid a reservation fee on a new build in Vera, and the deposit of 30% is now due. I have not yet found an independant lawyer, but wondered do I ask the developer direct for the Bank Guarantee before paying my 30%? Or does the lawyer request this on my behalf?
    Many thanks!

  • #63819
    Profile photo of Anonymous
    Anonymous
    Participant

    First you pay the 30% and then your lawyer asks for the bank guarantee.

    You cannot ask for a bank/insurance policy guarantee If you haven´t paid yet. The whole point is that it guarantees what you´ve paid until then.

  • #63628
    Profile photo of Anonymous
    Anonymous
    Participant

    First you pay the 30% and then your lawyer asks for the bank guarantee.

    You cannot ask for a bank/insurance policy guarantee If you haven´t paid yet. The whole point is that it guarantees what you´ve paid until then.

  • #63821
    Profile photo of Anonymous
    Anonymous
    Participant

    Definitely ask the developer for the BG. Ask for it IN WRITING that you will be issued with one. Tell them that you will not pay your 30% until you are assured you will get a BG. The BG is usually issued a short while AFTER you pay your deposit, to your lawyer When this happens ask to see the copy immediately they receive it. ENSURE THAT THE DATE ON THE BG COINCIDES WITH THE END DATE OF YOUR CONTRACT. Finally, make sure that you have the contract translated into English so that you can be sure that any clauses are :

    Legal.
    Do not favour the builder.
    You only complete when the Licence of First Occupation has been granted.

    It is essential that you get an independent lawyer found by YOU not the agent or the developer.

    Good Luck.

  • #63629
    Profile photo of Anonymous
    Anonymous
    Participant

    Definitely ask the developer for the BG. Ask for it IN WRITING that you will be issued with one. Tell them that you will not pay your 30% until you are assured you will get a BG. The BG is usually issued a short while AFTER you pay your deposit, to your lawyer When this happens ask to see the copy immediately they receive it. ENSURE THAT THE DATE ON THE BG COINCIDES WITH THE END DATE OF YOUR CONTRACT. Finally, make sure that you have the contract translated into English so that you can be sure that any clauses are :

    Legal.
    Do not favour the builder.
    You only complete when the Licence of First Occupation has been granted.

    It is essential that you get an independent lawyer found by YOU not the agent or the developer.

    Good Luck.

  • #63823
    Profile photo of Anonymous
    Anonymous
    Participant

    @foxterrier wrote:

    Hi there, new to this forum. I have paid a reservation fee on a new build in Vera, and the deposit of 30% is now due. I have not yet found an independant lawyer, but wondered do I ask the developer direct for the Bank Guarantee before paying my 30%? Or does the lawyer request this on my behalf?
    Many thanks!

    You ask the developer, because it is to him you pay your money – and ofcause you must have the BG as soon as you pay any amount!! Be carefull. And make sure you get a watercontract!

  • #63630
    Profile photo of Anonymous
    Anonymous
    Participant

    @foxterrier wrote:

    Hi there, new to this forum. I have paid a reservation fee on a new build in Vera, and the deposit of 30% is now due. I have not yet found an independant lawyer, but wondered do I ask the developer direct for the Bank Guarantee before paying my 30%? Or does the lawyer request this on my behalf?
    Many thanks!

    You ask the developer, because it is to him you pay your money – and ofcause you must have the BG as soon as you pay any amount!! Be carefull. And make sure you get a watercontract!

  • #63827
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks to all of you for you speedy replies! I will be back with more questions no doubt…..

  • #63632
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks to all of you for you speedy replies! I will be back with more questions no doubt…..

  • #63867
    Profile photo of Anonymous
    Anonymous
    Participant

    Check that there is a valid Building Licence in place. There are a lot of developements around that area without one.

  • #63667
    Profile photo of Anonymous
    Anonymous
    Participant

    Check that there is a valid Building Licence in place. There are a lot of developements around that area without one.

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