Reply To: Bank Guarantees/Will You Ever Win



Under Spanish Law the banks and the Courts have no right to refuse to pay out on legitimate claims, eg, no build, (as in our case but the Bank still appealed!!) developer going bust, illegal build, late build (1+ years). I’m sure there are other examples. BUT…they do not abide by their own laws.

The result of the poll is personal speculation and will make no difference to the corrupt situation in Spain at all re BGs. If it did then I would start a Poll on whether Gordon Brown should stay or go. I would if I thought it would have any clout!! 😉

One way to put an end to this problem would be to only pay the developer a small deposit, and pay upon completion if the property is legal and as per building spec. Forget BG’s, they are worthless it appears. This would stop over development as if the developer did not have the funds to build endlessly, then it wouldn’t happen. Millions of properties would not be left standing empty. They would have to sell one project to start the next. I know it’s closing the door after the horses have bolted. JMO.