Forgot to ask our legal experts some questions:-
It is law in Spain that a Bank Guarantee has to be provided by the developer of off-plan (and probably should be checked by any decent lawyer) but is it in the law that the guarantee must not have clauses such as expiry date (which in my case is before I can make claim) which make the whole Bank Guarantee worth less.
From your experiances, what happens if the developer are taken to court – does the judge see through this type of scam or do the developer get away with it?
Also, the deposits paid for off-plan properties go into special account – when does developer get their dirty hands on this cash? Is it when the contract is signed with all the building regulation ok?
If the developer goes bust then what happens to the cash in this special account? Can the purchaser get it back?