Over recent years, there has been a tremendous surge of property development and buying off plan spain.
Believe it or not, most Spanish builders and developers are basically honest.
However - as is a well-advertised fact - there is the odd rogue and disasters can and do occur.
Whenever spending a large amount of money, it s always wise to gen up about facts and your legal rights.
In her article, Mar a kindly explains about the developer s Aval Bancario or Bank Guarantee and how it can protect you, the buyer ...
buying off plan property for sale in spain - aval bancario
They also need to open a special bank account for your amounts (different from the general one of the developer) and have it expressly written in the contract.
a) That the developer will give back to the buyer all the advanced
b) Reference to the bank guarantee or insurance contract,
c) Specification of the Bank or financial institution and the
At the signing of the contract, the developer will give the buyer the document that contains the guarantee (the Aval or the Insurance Contract) and the document must have a reference to the amount that is anticipated.
The insurance contract or the bank guarantee together with the document that fully proves that the work has not been started or that the completion deadline has not been met nor complied, will have executive power as it is stated in the Title XV of Book II of Civil Procedure Law, to demand from the insurance company or the bank, the amounts that the buyer is entitled to, without prejudice of any other given rights also applicable.
off plan property for sale in spain - related pages
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