Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Bank Guarantee interest
- This topic has 6 replies, 4 voices, and was last updated 17 years ago by Anonymous.
February 13, 2006 at 7:02 pm #51566
Can either Drakan, Jose Maria, Cesar or anyone in the know help with this?
I think it may have been addressed before, but am muddled now and need it clarified:
My contract was signed 2 years before I got my Bank Guarantee.
When my lawyer enforces it (because of breach of contract and failure to build anything), will the legal interest on my money be paid from the date the Bank Gurantee was issued or from the date I signed the contract?
Who pays this interest? The bank or the developer?
If it is the bank, surely they wont back-date the interest from before they issued the Guarantee.
If it is the developer (who is a rogue) I can’t see much chance of getting any interest.
Please can someone make this clear where I stand. 😕
February 13, 2006 at 8:21 pm #60950
This is per a letter from our lawyer regarding interest when surrendering the Bank Guarantee.
a) Order the execution of the bank guarantee that we will receive in the following days. Using this way you will obtain your money plus 6% of legal interest of it since the date of the signing of your purchase private contract. During this time, you will have protected the money paid to the developer and also you will receive the corresponding amount regards on the legal interest applied on it (payments made).
February 27, 2006 at 8:22 pm #61149
I am interested in who the developer is. We paid money to the developer 18 months ago, the building licence was only granted in dec 05, the bank gaurantee is suppose to be coming through this week. We have had second thoughts about wanting to go ahead with the off plan. They want another payment in June, which we said no to. We are waiting to see the outcome. Really we should have had both the licence and gaurantee before we paid anymore money than the deposit. Our lawyer is our own independent one.
February 27, 2006 at 9:27 pm #61153
If it were me, I’d tell them where to go!! 🙂 But.. the most sensible thing would be to say that WHEN you have the Bank guarantee in your possession and when you can see progress on the development you will pay the money to a notary to be held until such time as you are happy things are shaping up. IMHO, it would be foolish to pay anymore money to the developer. Trust is not a one way thing!
February 28, 2006 at 7:02 pm #61165
My builder is Crevista Dos SL
As I understand it, the bankers guarantee is not all the same and needs translating. The builder likes to delay them as long as possible so you you might have to get your solicitor to chase it up
March 6, 2006 at 6:07 pm #61233
We have the bank gaurantee, a fax copy at least. We have decided to instruct our lawyer to instruct the developer that we no longer wish to proceed with the off plan, too too much of an headache!! I will keep you posted on how we get on
March 6, 2006 at 6:08 pm #61234
Jan, why does the developer delay the bank gaurantee??
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