Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Are Bank Guarantees worth the paper they’re written on? › Reply To: Are Bank Guarantees worth the paper they’re written on?
Unfortunately it is common in Spain for Bank Guarantees to be issued after you make a first payment. But then you are in the ‘Hands of the Gods’ as to whether one is in fact forthcoming.
A good lawyer will hold your first payment in an escrew account, prove to the developer your monies have been paid, and ask for a Bank Guarantee to be issued at which time the monies would then be released.