I am really happy today, because I can confirm to buyers of "Herrada del Tollo SL", "San Jose Inversiones y Proyectos Urbanísticos", and "Inversol Grupo Urbanistico" that their deposits are covered by generic guarantees.
Yesterday, a Eye on Spain forum member posted me some paperwork he got from his agent, because he wan't sure about how important they could be. I was really astonished when I saw them, because they were:
- a certificate from SGR about the existence of a generic bank guarantee for Herrada del Tollo.The certificate states that the guarantee is not made to cover just particular developments or properties, and settles a maximum amount as a limit (6,5 millions euros).
- A copy of the first pages of three Generic Guarantees contract signed between Banco Pastor & San Jose Inversiones y Proyectos Urbanísticos (in one of them is also included Inversol Grupo Urbanístico). On the contracts there is not mention to which developments are covered by the guarantee, and settle a maximum amount as a limit (26 millions of euros!).
As posted previously, I had knowledge of the existence of a generic guarantee agreed between SGR and San Jose Inversiones, and I was sure that there was another for Herrada del Tollo, because I have represented clients from HDT who enforced individual bank guarantees issued by SGR, and no individual guarantee is made by a Bank if there is not a previous agreement signed with the builder (Generic Guarantee, called "Póliza de Contragarantía" or "Póliza de Contraaval" in Spanish). But now I can confirm that the generic policy for HDT exists and, in addition, I can report everybody that the generic policy issued by SGR for San Jose is not the only one which covers the buyers' deposits, because there is a "massive" policy from Banco Pastor as well.
The above means that any deposit paid to Herrada del Tollo, San Jose or Inversol is covered by a generic guarantee, because the amount limit doesn't apply to the buyer, as long as the art. 7th of the 57/68 Act states that the rights ruled by that law cannot be waived. As the generic policies don't mention which particular developments are covered, the decision about which deposits did get an individual guarantee, and which ones didn't, was taken by SGR-BANCO PASTOR and HDT, SAN JOSE OR INVERSOL arbitrarily, without buyers' knowledge, so the negative consequences of an agreement in which the buyers weren't involved must not be suffered by then.
Should you have any questions, please do not hesitate to contact me.