bank guarantee Tag

19 Jul According to an increasing number of court’s judgements, banks must also pay in cases of defective or incomplete bank guarantees being given by real estate developers offered to secure the return of stage payments on failed off-plan property purchases, or even in cases of lack of such guarantees.

Spain's  past booming years of construction and easy to access secondary homes brought a massive increase, never seen before on such a big scale, of off-plan property purchases. The economy crisis followed and many home purchasers found their homes where never finished or offered to...