Question; I am buying a property in Spain and making stage
payments to the developer. I am a bit worried that if he goes bankrupt my money is at risk. What can I do to protect myself.
Answer; Since 1968 it has been a legal requirement for developers to
give a bank guarantee which protects your money in the event that the developer goes bankrupt. You should make sure that this guarantee is in place as often it is not. If the developer will not provide this guarantee then it is possible for you to pay for it yourself.
The International Law Partnership LLP
Solicitors & International Lawyers
The Vaults
193-197 High Holborn
London
WC1V 7BD
© The International Law Partnership
|