Since 1968, every Spanish developer selling off plan properties must give to purchasers an individual bank guarantee,provided by registered banks or insurance companies, which covers the whole deposit plus legal interest, pursuant to the 57/68 Act. This is a mandatory and compulsory law, which also establishes that deposits must be held into a bank account called "special", because the Bank must control that money's withdrawals are just being used for building purposes, and also claim to the developer the delivery of the Bank Guarantees. In addition, the Act declares that the rights of the purchasers can't be waived.
But individual bank guarantees are not always given to purchasers, although the Bank is aware of the payment of the deposit or even committed with the developer to provide individual bank guarantees.
Our firm brings more than 10 years of experience handling high-stakes litigation. We’ve been through some of the most complex cases against banks or insurance Companies, and we regularly handle claims involving bank guarantees. If you want to explain us your case, please contact us using the below contact form or call us at +34 965 72 72 95.