Reply To: Are Bank Guarantees worth the paper they’re written on?

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?

#79257
Anonymous
Participant

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.