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Do you have a proper BG ?

Do you have a proper BG ?

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Old Jun 14th 2008, 8:08 am
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Default Do you have a proper BG ?

Be careful with some developers and Banks producing useless BGs, usually they show you a copy of a bank certificate which is general for the whole development.
If you have a BG please check whether is referred :
1º The name of the guaranteed (beneficiary) Your name and NIE or passport number
2º The amount guaranteed. The exact amount you have paid plus 6% (interests)
3º The deadline Must be until the FLO is granted
4º How can I execute the BG. Check the words "a primer requerimiento". If you don't have these words you have to go to Court in order to execute the BG
5º What is really covering the BG

If you don't have a BG with all this elements you are not protected against bankruptcies or endless developments
Don't believe in Agents Lawyers etc, check these points personally even if you don't understand spanish and you'll realise whether or not you have a valid BG
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Old Jun 14th 2008, 8:21 am
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Default Re: Do you have a proper BG ?

Originally Posted by fljordan
Be careful with some developers and Banks producing useless BGs, usually they show you a copy of a bank certificate which is general for the whole development.
If you have a BG please check whether is referred :
1º The name of the guaranteed (beneficiary) Your name and NIE or passport number
2º The amount guaranteed. The exact amount you have paid plus 6% (interests)
3º The deadline Must be until the FLO is granted
4º How can I execute the BG. Check the words "a primer requerimiento". If you don't have these words you have to go to Court in order to execute the BG
5º What is really covering the BG

If you don't have a BG with all this elements you are not protected against bankruptcies or endless developments
Don't believe in Agents Lawyers etc, check these points personally even if you don't understand spanish and you'll realise whether or not you have a valid BG


What's a BG ??? I know what an MG is, but a BG ?????
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Old Jun 14th 2008, 8:42 am
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Smile Re: Do you have a proper BG ?

Originally Posted by fljordan
Be careful with some developers and Banks producing useless BGs, usually they show you a copy of a bank certificate which is general for the whole development.
If you have a BG please check whether is referred :
1º The name of the guaranteed (beneficiary) Your name and NIE or passport number
2º The amount guaranteed. The exact amount you have paid plus 6% (interests)
3º The deadline Must be until the FLO is granted
4º How can I execute the BG. Check the words "a primer requerimiento". If you don't have these words you have to go to Court in order to execute the BG
5º What is really covering the BG

If you don't have a BG with all this elements you are not protected against bankruptcies or endless developments
Don't believe in Agents Lawyers etc, check these points personally even if you don't understand spanish and you'll realise whether or not you have a valid BG
JDR this should be in red in the FREE BEER thread
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Old Jun 14th 2008, 8:48 am
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Default Re: Do you have a proper BG ?

Originally Posted by CarolandTony
What's a BG ??? I know what an MG is, but a BG ?????
Bank Guarantee
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Old Jun 14th 2008, 9:02 am
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Default Re: Do you have a proper BG ?

Originally Posted by CarolandTony
What's a BG ???

A hairy man with a funny voice
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Old Jun 14th 2008, 9:21 am
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Default Re: Do you have a proper BG ?

Originally Posted by fljordan
Be careful with some developers and Banks producing useless BGs, usually they show you a copy of a bank certificate which is general for the whole development.
If you have a BG please check whether is referred :
1º The name of the guaranteed (beneficiary) Your name and NIE or passport number
2º The amount guaranteed. The exact amount you have paid plus 6% (interests)
3º The deadline Must be until the FLO is granted
4º How can I execute the BG. Check the words "a primer requerimiento". If you don't have these words you have to go to Court in order to execute the BG
5º What is really covering the BG

If you don't have a BG with all this elements you are not protected against bankruptcies or endless developments
Don't believe in Agents Lawyers etc, check these points personally even if you don't understand spanish and you'll realise whether or not you have a valid BG
Very useful info ,especialy as some developers will stoop to any level in these desperate economic times (some even in a boom time!!)
Anyone using an estate agents or developers suggested lawyer is setting them self up for big trouble, better to use one from well out of town as well ,

Rgds

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