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Does the law obliging developers of off-plan developments to issue, free of charge, a Bank Guarantee to each purchaser, also apply to builders of individual houses?
A lawyer is telling someone I know that the builder of their (individual) house is not obliged to supply a Bank Guarantee without it costing them
‘a lot’. And has never offered/supplied a Bank Guarantee.A reply from anyone ‘in the know’ would be appreciated !
Barbara
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@charlie wrote:
Does the law obliging developers of off-plan developments to issue, free of charge, a Bank Guarantee to each purchaser, also apply to builders of individual houses?
A lawyer is telling someone I know that the builder of their (individual) house is not obliged to supply a Bank Guarantee without it costing them
‘a lot’. And has never offered/supplied a Bank Guarantee.A reply from anyone ‘in the know’ would be appreciated !
Barbara
The answer is obvious, If you are building your own house hiring a constructor, you are the developer. Obviously Law 57/68 doesn’t apply to you, so no BGs for you.
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@charlie wrote:
Does the law obliging developers of off-plan developments to issue, free of charge, a Bank Guarantee to each purchaser, also apply to builders of individual houses?
A lawyer is telling someone I know that the builder of their (individual) house is not obliged to supply a Bank Guarantee without it costing them
‘a lot’. And has never offered/supplied a Bank Guarantee.A reply from anyone ‘in the know’ would be appreciated !
Barbara
The answer is obvious, If you are building your own house hiring a constructor, you are the developer. Obviously Law 57/68 doesn’t apply to you, so no BGs for you.
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Barbara & Katerina
Am only posting this so others are aware. My PM to Barbara,on another issue,did highlight this query.
Unlike developements an individual build is constructed on land owned by the new future homeowner.
If the person doesn’t have the title deeds to the land it is only individual in design. And therefore must have a BG.
On a true individual build one has total imput in the plans and who is going to build it. They are also on named on all documents as the promotor. Consequently BG’s are not in the equation because should anything happen the owner/promotor has total rights the the build and can reside there when they think fit regardless of any money or work outstanding.
Although in stage payments money is never passed over until the agreed work has been completed to satisfaction of client.What one does,as a promotor, is buy a one off insurance premium to cover a 10 year period just in case builder or architect dies, goes bankrupt or simply AWOL.
Law and situation regarding this is the same as in England.
Hope you can now agree.
Cheers -
Barbara & Katerina
Am only posting this so others are aware. My PM to Barbara,on another issue,did highlight this query.
Unlike developements an individual build is constructed on land owned by the new future homeowner.
If the person doesn’t have the title deeds to the land it is only individual in design. And therefore must have a BG.
On a true individual build one has total imput in the plans and who is going to build it. They are also on named on all documents as the promotor. Consequently BG’s are not in the equation because should anything happen the owner/promotor has total rights the the build and can reside there when they think fit regardless of any money or work outstanding.
Although in stage payments money is never passed over until the agreed work has been completed to satisfaction of client.What one does,as a promotor, is buy a one off insurance premium to cover a 10 year period just in case builder or architect dies, goes bankrupt or simply AWOL.
Law and situation regarding this is the same as in England.
Hope you can now agree.
Cheers
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