| Mare Nostrum’s Last Web Seminar |
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Our last web seminar took place on the 15th of May 2008. The title was “Bank guarantees for advanced payments in the purchase process”, a total of 116 people attended our seminar and enjoyed our lawyer’s speech, Mrs. María José Bastida Martínez. After the seminar, as usual, an interesting discussion took place on our web log by most of the participants. Here you are some of the most interesting comments: “A bank guarantee is a one-way contract between a bank as the guarantor and a beneficiary as the party to whom a guarantee is made. This bank document will secure any claims by the buyer on the seller for reimbursement of the buyer’s advanced payment on the contract price before the delivery of the dwelling in the event that the seller has failed to meet his contractual delivery obligations in full. The document should clearly identify the buyer by his full name and passport, and the total amount guaranteed should be the amount paid by the buyer as advanced payment of the dwelling. If you are a buyer in an off plan development, be aware this document will guarantee the return of the deposited amounts plus the legal interest of the money, in case the construction fails to start or end within the agreed deadline; in case the certificate of habitation is not granted or if the building company goes to bankruptcy . Your lawyer should check that the private contract includes a clause stating the developer’s obligation to provide the buyer with bank guarantees for the advanced payments. The developer should open an especial bank account just for this, and should specify the account number where the buyer’s money is deposited. In case the deadlines for starting or finishing the development are not met, the buyer may have two options: cancelling the contract with the return of advanced payments amount plus the legal interest of the money, or conceding a time extension, which will be stated in the purchase-and-sale contract, specifying the new deadline with the date of completion. In case in a future you would have to start legal action against the developer, the bank guarantee has executive power. Please note the original documents should be given back to the developer in order to be cancelled. (…) Our web seminars are a great way to learn tips and ticks to help you to deal with common problems in your life in our country. Mare Nostrum Law and Tax, using a leading edge technology, tries to help clients to get their best way providing useful information in their own language. All of our clients will be informed regarding our next web seminar as soon as the topic and the time is arranged. |
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