October 29, 2007 at 1:42 pm #53437
Can any one tell me what the procedure is for enforcing a bank guarantee.
October 30, 2007 at 8:48 am #75931
Assuming your Bank Guarantee is still valid date-wise, the ‘normal’ procedure is:
Your lawyer goes to the notary, and asks the notary to ‘invite’ the developer to complete by a certain time.
Because your developer can’t complete because your apartment is not finished for whatever reason as I believe the situation is in your case, the notary will then cancel your contract.
Once your contract is cancelled, your lawyer can apply to enforce your Bank Guarantee. He does this by sending a burofax (Spanish version of registered mail) to the bank requesting enforcement of the BG.
As I said, this is the normal procedure, but you should be getting advice from your lawyer regarding your particular situation/reasons for the completion delay and how that stands with your rights/terms in your particular BG. Some BG’s are cleverly worded to give bias to the developer as ours was (surrender of BG dated one year after supposed completion!). And all importantly, is your BG still in date?
I hope you have a good lawyer who is independent from the agent/developer and wish you good luck for a good outcome.
October 30, 2007 at 8:55 am #75933
Thanks for the reply,yes it is still a valid guarantee for now at least. After waiting almost four years the building is still not finished as the development is till suspended and has been for two years.
October 30, 2007 at 9:05 am #75935
Time to move on the Bank Guarantee then? What does your lawyer say about doing this?
Maybe someone here has up-to-date info. re. latest on Almanzora Country Club’s situation.
October 30, 2007 at 3:03 pm #75954
Cuevas del Almanzora’s PGOU is now on it’s final stage and is with the Junta (Andalusia) – has been since Oct. 8th. It is due to go before the next plenary session for approval. They meet approx. every 2 months, so it should be sorted by the end of this year.
- The forum ‘Real Estate Topics, News & Discussion’ is closed to new topics and replies.