Another property owner's problem (assuming they ever built that off-plan home) can be the Spanish bank guarantee falling through one's fingers. The following comes from a reader:BANK GUARANTEES IN SPAIN FOR OFF-PLAN PROPERTY PURCHASES PETITION & WEBSITE LAUNCHED www.bankguaranteesinspain.com
- Many Spanish Banks are guilty of gross negligence and lack of professional due diligence for their failure to issue or to verify the existence of Bank Guarantees/Certificates of Insurance for deposits paid in advance by purchasers for off-plan property in Spain, as required by Spanish Law, in particular, LEY 57/1968, Article 1.2 - Purchasers hold Spanish President, Mr José Luis Rodríguez Zapatero and the Governor of the Banco de España, Mr Miguel Ángel Fernández Ordoñez ultimately responsible due to their lack of supervision and regulatory control. In many cases where Bank Guarantees were issued to purchasers, Banks are now refusing to honour them even though the developer has clearly defaulted on the contract, thereby unnecessarily forcing the purchaser into a lengthy and expensive litigation process.
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