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Worthless Bank Guarantees

Posted: Thu Aug 22, 2019 4:52pm
8 replies382 views3 members subscribed
Nakabandi

Nakabandi

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Off Plan Properties

The change in the law is that bank guarantees are only valid as from the time a developer attains a Building Licence from the town hall. Only as from that moment onwards are bank guarantees valid.

Many developers try to allay purchaser’s fears claiming they have an application for a Building Licence; well, that isn’t enough. Unless a developer has attained a Building Licence, all the money you have paid towards your new property is unsecured.

Should the developer go bankrupt or the development become stalled for whatever reason you will lose all your money. Even if you have been issued with bank guarantees rubber stamped by a bank, they are totally useless unless a Building Licence has been issued.


Nakabandi

Posted: Fri Aug 23, 2019 10:35am

Nakabandi

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Posted: Fri Aug 23, 2019 10:35am

This post that was quoted has been deleted.

Hello Ray how are you.

I am sorry if you are confused and don’t fully understand.

The point of the posting is to warn potential off plan buyers that a bank guarantee is worthless without a building license.

Original Post.

‘’Many developers try to allay purchaser’s fears claiming they have an application for a Building Licence; well, that isn’t enough. Unless a developer has attained a Building Licence, all the money you have paid towards your new property is unsecured.’’

I know it’s hard to believe but some Spanish developers tell fibs and some people believe them.

Please let me know if you still don’t understand.

Have a good day.

Villas

Posted: Fri Aug 23, 2019 10:36am

Villas

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Posted: Fri Aug 23, 2019 10:36am

This post that was quoted has been deleted.

I'll cancel my new Buggatti then. V

Nakabandi

Posted: Fri Aug 23, 2019 12:06pm

Nakabandi

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Location: Javea / Xàbia

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Posted: Fri Aug 23, 2019 12:06pm

This post that was quoted has been deleted.

Ray, it may be hard for you to believe being such a shrewd cookie, but throughout the world there are gullible mugs galore scammed every day.  But despite all that’s gone on in Spain and all the warnings, Billy Brit is still arriving and joining the queue to have his pants down.  


Villas

Posted: Fri Aug 23, 2019 12:17pm

Villas

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Posted: Fri Aug 23, 2019 12:17pm

Nakabandi wrote on Fri Aug 23, 2019 12:06pm:

Ray, it may be hard for you to believe being such a shrewd cookie, but throughout the world there are gullible mugs galore scammed every day.  But despite all that’s gone on in Spain and all the warnings, Billy Brit is still arriving and joining the queue to have his pants down.  


Concur. & remember ( I mentioned before)  The word "gullible" exists in NO dictionary's!  Villas.

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Villas

Posted: Fri Aug 23, 2019 12:54pm

Villas

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Posted: Fri Aug 23, 2019 12:54pm

This post that was quoted has been deleted.

Verdad!.....y defenicion en ingles es?

Nakabandi

Posted: Fri Aug 23, 2019 1:14pm

Nakabandi

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Location: Javea / Xàbia

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Posted: Fri Aug 23, 2019 1:14pm

I think a lot of Brits bring it on themselves. Some but not all have this big headed arrogant attitude that they know it all. I’m a Brit ‘’cock of the world’’, I’m on the committee of the Wheel Tappers and Shunters Social Club and have a badge to prove it. I’ll tell them Spanish what’s what. Of course he’s the biggest mug in town. He’s just sold his late mothers right to buy council house.


Pix Elated

Posted: Fri Aug 23, 2019 5:46pm

Pix Elated

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Posted: Fri Aug 23, 2019 5:46pm

It's easy for the unwary to get caught up in the excitement of owning a property to forget the simple rules and the pitfalls of purchasing a property.

Thanks for your post.

Lancelot

Posted: Fri Aug 23, 2019 8:40pm

Lancelot

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Posted: Fri Aug 23, 2019 8:40pm

The original advice seemed to be just that - always useful to be forewarned. Self deprecation is perhaps to be admired but when others do it on behalf of a group it comes across as unwelcome and bigoted.

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