Dating benalmadena spain
Not long ago it was normal to obtain a significant discount (premium) on buying off-plan as you assumed a risk (mainly the uncertainty of the property ever being delivered and the time elapsed until completion) until the unit was ready to be delivered legally (with a Licence of First Occupation).
A bank guarantee is of critical importance acting as a safety net securing our full deposits should something go wrong.That same off-plan dwelling was significantly more expensive (i.e.30%) if you purchased it key-ready as now there was no risk because it was finished.In other words, a bank guarantee cannot be issued prior to handing over the stage payment to a developer as some people are advocating publicly.This just shows a lack of understanding, however wishful, on how the system works. In this particular case in which a person has bought a plot of land and they are building their own detached villa the Building Act regards them as self-developers.Normally in off-plan property after having paid the initial security deposit which strikes the property off the market, you are typically required to make interim payments on 30/40% of the value of the property.
These payments are normally made in regular instalments (i.e. Your lawyer will then request from the developer one bank guarantee at a time to cover each and every instalment besides the initial security deposit.
A bank guarantee should be individualised for each particular purchaser.
It should include the following: Law 57/1968 rules the protection of stage payments in off-plan properties.
Bank guarantees are issued normally 30 or 40 days after you have made the down payment they are securing.
Naturally a bank cannot issue a bank guarantee if you have yet not paid the stage payment.
In strict accordance with Law 57/68 bank guarantees have no expiration date.