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The role of the bank guarantee, the Seguro de Caución and the notary's escrow account.","2026-09-22T13:00:00.000Z","4 min read",{"src":403,"alt":404,"width":405,"height":406},"https:\u002F\u002Fcdn.sanity.io\u002Fimages\u002Fth4knsoh\u002Fproduction\u002Fdd3d3443019efb63e6243350c84dd7f0d44c089f-2800x1576.jpg","Buying a new build series Nº 01, Deposits and security when buying a Spanish new build",2800,1576,[],{"id":409,"name":410,"slug":411,"profilePaths":412,"role":415,"bio":416,"guest":358,"image":417},"blogAuthor.valentin-quiroga","Valentin Quiroga","valentin-quiroga",{"de":413,"en":58,"es":414},"\u002Fde\u002Fanwalt-mallorca","\u002Fes\u002Fabogado-mallorca","Real estate lawyer","German-speaking lawyer in Palma. Accompanies the property purchase legally – due diligence, notary preparation, escrow account and after-sale topics. Speaks German, Spanish and English.",{"src":418,"alt":410,"width":419,"height":420},"https:\u002F\u002Fcdn.sanity.io\u002Fimages\u002Fth4knsoh\u002Fproduction\u002F0e4490b1640322616fe7aa56b3705ca6329703b5-1440x959.webp",1440,959,[422,431,440,457,489,497,505,536,563,575,583,591,607,615,631,639,647,655,663,687,695,711,719,735,750,758,766,774,782,790],{"_key":423,"_type":391,"children":424,"markDefs":429,"style":430},"en001",[425],{"_key":426,"_type":395,"marks":427,"text":428},"en001s",[],"When you buy a new build in Spain, the first question is almost always the same. Is my money safe if I pay before I receive the keys? The legal answer is more nuanced than the question sounds. It depends on whether you are already the owner the moment you pay, or whether you are paying in anticipation of a later transfer of ownership. Only that distinction decides which statutory protection actually applies.",[],"lead",{"_key":432,"_type":391,"children":433,"markDefs":438,"style":439},"en002",[434],{"_key":435,"_type":395,"marks":436,"text":437},"en002s",[],"Why down payment is not always a down payment",[],"h2",{"_key":441,"_type":391,"children":442,"markDefs":456,"style":398},"en003",[443,447,452],{"_key":444,"_type":395,"marks":445,"text":446},"en003a",[],"Spanish case law draws a clear line between two situations. In one, the buyer purchases a property that does not yet exist. He pays before ownership transfers, expecting a later ",{"_key":448,"_type":395,"marks":449,"text":451},"en003b",[450],"em","Escritura Pública",{"_key":453,"_type":395,"marks":454,"text":455},"en003c",[],". In the other, at the notary appointment he already acquires the plot, including whatever is being built on it. The developer still owes completion, but no longer owes a transfer of ownership.",[],{"_key":458,"_type":391,"children":459,"markDefs":488,"style":398},"en004",[460,464,468,472,476,480,484],{"_key":461,"_type":395,"marks":462,"text":463},"en004a",[],"For the first situation, ",{"_key":465,"_type":395,"marks":466,"text":467},"en004b",[450],"Ley 20\u002F2015",{"_key":469,"_type":395,"marks":470,"text":471},"en004c",[]," – historically ",{"_key":473,"_type":395,"marks":474,"text":475},"en004d",[450],"Ley 57\u002F1968",{"_key":477,"_type":395,"marks":478,"text":479},"en004e",[]," – requires the developer to secure every down payment, including VAT and statutory interest, with a bank guarantee or a ",{"_key":481,"_type":395,"marks":482,"text":483},"en004f",[450],"Seguro de Caución",{"_key":485,"_type":395,"marks":486,"text":487},"en004g",[],". 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Only the first triggers the statutory down-payment protection.",1,"bullet",[],{"_key":537,"_type":391,"children":538,"level":533,"listItem":534,"markDefs":562,"style":398},"en008",[539,543,547,550,554,558],{"_key":540,"_type":395,"marks":541,"text":542},"en008a",[511],"Moment of ownership transfer: ",{"_key":544,"_type":395,"marks":545,"text":546},"en008b",[],"In Spain, ownership passes upon signing the ",{"_key":548,"_type":395,"marks":549,"text":451},"en008c",[450],{"_key":551,"_type":395,"marks":552,"text":553},"en008d",[],", provided the price is owed and delivery (",{"_key":555,"_type":395,"marks":556,"text":557},"en008e",[450],"traditio",{"_key":559,"_type":395,"marks":560,"text":561},"en008f",[],") is agreed. Once you are the owner, a bank guarantee is no longer the point.",[],{"_key":564,"_type":391,"children":565,"level":533,"listItem":534,"markDefs":574,"style":398},"en009",[566,570],{"_key":567,"_type":395,"marks":568,"text":569},"en009a",[511],"Construction progress at the time of payment: ",{"_key":571,"_type":395,"marks":572,"text":573},"en009b",[],"A payment schedule that consistently lags behind actual progress reduces your risk regardless of which of the two situations applies. You pay less than what is already built, and what is already built already belongs to you.",[],{"_key":576,"_type":391,"children":577,"markDefs":582,"style":439},"en010",[578],{"_key":579,"_type":395,"marks":580,"text":581},"en010s",[],"Bank guarantee and Seguro de Caución in practice",[],{"_key":584,"_type":391,"children":585,"markDefs":590,"style":398},"en011",[586],{"_key":587,"_type":395,"marks":588,"text":589},"en011s",[],"Where the statutory protection applies, the guarantee must be individual, irrevocable and cover 100 % of the payments made, including VAT and interest. A generic reference to the developer's blanket policy is not enough. You should be handed the specific guarantee document with your name, the property and the covered amounts.",[],{"_key":592,"_type":391,"children":593,"markDefs":606,"style":398},"en012",[594,598,602],{"_key":595,"_type":395,"marks":596,"text":597},"en012a",[],"The law also requires down payments to be paid into a ",{"_key":599,"_type":395,"marks":600,"text":601},"en012b",[450],"cuenta especial",{"_key":603,"_type":395,"marks":604,"text":605},"en012c",[],", a dedicated account exclusively linked to the project. This requirement disappears in the second situation, because there is no advance-payment risk at all: with the deed, you become the owner.",[],{"_key":608,"_type":391,"children":609,"markDefs":614,"style":439},"en013",[610],{"_key":611,"_type":395,"marks":612,"text":613},"en013s",[],"The role of the notary's escrow account",[],{"_key":616,"_type":391,"children":617,"markDefs":630,"style":398},"en014",[618,622,626],{"_key":619,"_type":395,"marks":620,"text":621},"en014a",[],"Independently of any statutory down-payment security, the notary's escrow account (",{"_key":623,"_type":395,"marks":624,"text":625},"en014b",[450],"cuenta de depósito notarial",{"_key":627,"_type":395,"marks":628,"text":629},"en014c",[],") is a sensible instrument. It decouples the payment from a direct exchange between buyer and seller, documents the timing and allows a controlled release against defined conditions, for example against the architect's completion certificate.",[],{"_key":632,"_type":391,"children":633,"markDefs":638,"style":398},"en015",[634],{"_key":635,"_type":395,"marks":636,"text":637},"en015s",[],"For the final payment, the escrow account is in practice the cleanest solution. It mirrors the exchange of payment against the handover of the property, step by step.",[],{"_key":640,"_type":391,"children":641,"markDefs":646,"style":439},"en016",[642],{"_key":643,"_type":395,"marks":644,"text":645},"en016s",[],"What actually happens between payment and keys",[],{"_key":648,"_type":391,"children":649,"markDefs":654,"style":398},"en017",[650],{"_key":651,"_type":395,"marks":652,"text":653},"en017s",[],"If you acquire a plot together with the building under construction, from the notary appointment you carry the risk of the property itself, while the developer owes completion and all public-law approvals. This sounds asymmetric, but it is in fact your strongest position: you hold ownership; the developer owes completion.",[],{"_key":656,"_type":391,"children":657,"markDefs":662,"style":398},"en018",[658],{"_key":659,"_type":395,"marks":660,"text":661},"en018s",[],"For that reason, it is worth looking at three layers of security side by side:",[],{"_key":664,"_type":391,"children":665,"level":533,"listItem":534,"markDefs":686,"style":398},"en019",[666,670,674,678,682],{"_key":667,"_type":395,"marks":668,"text":669},"en019a",[],"Your title in the ",{"_key":671,"_type":395,"marks":672,"text":673},"en019b",[450],"Registro de la Propiedad",{"_key":675,"_type":395,"marks":676,"text":677},"en019c",[],", once the ",{"_key":679,"_type":395,"marks":680,"text":681},"en019d",[450],"Escritura",{"_key":683,"_type":395,"marks":684,"text":685},"en019e",[]," and the declaration of new construction have been recorded.",[],{"_key":688,"_type":391,"children":689,"level":533,"listItem":534,"markDefs":694,"style":398},"en020",[690],{"_key":691,"_type":395,"marks":692,"text":693},"en020s",[],"The payment schedule, which ties every further instalment to objectively verifiable progress, confirmed by the architect's certificate.",[],{"_key":696,"_type":391,"children":697,"level":533,"listItem":534,"markDefs":710,"style":398},"en021",[698,702,706],{"_key":699,"_type":395,"marks":700,"text":701},"en021a",[],"The contractual penalty and default interest, which sanction late completion economically, together with a clean right of withdrawal (a ",{"_key":703,"_type":395,"marks":704,"text":705},"en021b",[450],"Long-Stop Date",{"_key":707,"_type":395,"marks":708,"text":709},"en021c",[],") that actually works when you need it.",[],{"_key":712,"_type":391,"children":713,"markDefs":718,"style":439},"en022",[714],{"_key":715,"_type":395,"marks":716,"text":717},"en022s",[],"What to check before you sign",[],{"_key":720,"_type":391,"children":721,"level":533,"listItem":534,"markDefs":734,"style":398},"en023",[722,726,730],{"_key":723,"_type":395,"marks":724,"text":725},"en023a",[],"Is your contract, in legal terms, a down payment ",{"_key":727,"_type":395,"marks":728,"text":729},"en023b",[450],"avant la lettre",{"_key":731,"_type":395,"marks":732,"text":733},"en023c",[]," or an immediate transfer of ownership? The correct classification decides whether the bank guarantee and the dedicated account are required.",[],{"_key":736,"_type":391,"children":737,"level":533,"listItem":534,"markDefs":749,"style":398},"en024",[738,742,745],{"_key":739,"_type":395,"marks":740,"text":741},"en024a",[],"Are all amounts that require protection covered individually and in full by a bank guarantee or a ",{"_key":743,"_type":395,"marks":744,"text":483},"en024b",[450],{"_key":746,"_type":395,"marks":747,"text":748},"en024c",[],"? Ask for the guarantee document with your name, the property and the amount.",[],{"_key":751,"_type":391,"children":752,"level":533,"listItem":534,"markDefs":757,"style":398},"en025",[753],{"_key":754,"_type":395,"marks":755,"text":756},"en025s",[],"Does the payment schedule sit behind actual construction progress, based on an independent architect's certificate?",[],{"_key":759,"_type":391,"children":760,"level":533,"listItem":534,"markDefs":765,"style":398},"en026",[761],{"_key":762,"_type":395,"marks":763,"text":764},"en026s",[],"Is the notary's escrow account firmly agreed for the final payment, with any change of notary either excluded or subject to your consent?",[],{"_key":767,"_type":391,"children":768,"level":533,"listItem":534,"markDefs":773,"style":398},"en027",[769],{"_key":770,"_type":395,"marks":771,"text":772},"en027s",[],"Are the contractual penalty, default interest and a clearly worded Long-Stop Date calibrated so that the sanctions can realistically be triggered?",[],{"_key":775,"_type":391,"children":776,"markDefs":781,"style":439},"en028",[777],{"_key":778,"_type":395,"marks":779,"text":780},"en028s",[],"Conclusion",[],{"_key":783,"_type":391,"children":784,"markDefs":789,"style":398},"en029",[785],{"_key":786,"_type":395,"marks":787,"text":788},"en029s",[],"Whether your payments are safe when buying a new build in Spain is not decided by the size of the down payment, but by the legal nature of the contract. A buyer who becomes the owner at the notary appointment and whose further payments lag behind construction progress often holds a stronger position than a buyer with a classic bank guarantee. What matters is that your lawyer classifies the situation correctly and chooses the right layer of security, rather than insisting on a blanket 100 % bank guarantee no matter what.",[],{"_key":791,"_type":391,"children":792,"markDefs":797,"style":398},"en030",[793],{"_key":794,"_type":395,"marks":795,"text":796},"en030s",[450],"Written by Valentin Quiroga, lawyer specialising in real estate law on Mallorca. This article does not replace individual legal advice.",[],{"title":799,"text":808,"primaryLabel":809,"primaryTo":62,"secondaryLabel":810,"secondaryTo":13},[800],{"_key":801,"_type":391,"children":802,"markDefs":807,"style":398},"enctat",[803],{"_key":804,"_type":395,"marks":805,"text":806},"enctats",[],"New build on your desk?",[],"If you have a new-build contract in front of you right now, we walk through it with you in calm and detail. We connect you with Valentin Quiroga, our specialist in real estate law, and stay by your side if you want us to.","Write to us. We look forward to it. →","How we walk alongside you",[812,834,855],{"id":813,"slug":814,"title":815,"titleRich":816,"excerpt":824,"publishedAt":825,"readingTime":826,"featuredImage":827,"topics":830,"author":831},"5f223a9e-e19a-42f6-9507-be53e984f640","journal-new-build-acceptance-defects-loe","Acceptance, Defects, LOE Guarantees: Your Rights When Something Is Wrong With Your Mallorca New Build",[817],{"_key":818,"_type":391,"children":819,"markDefs":823,"style":398},"515ad2a2ea67",[820],{"_key":821,"_type":395,"marks":822,"text":815},"8c37c431f0f7",[],[],"Handover is not the end, it is the start of the warranty phase. Handled well, it secures your rights for the next ten years.","2026-10-16T08:00:00.000Z","3 min read",{"src":828,"alt":829,"width":405,"height":406},"https:\u002F\u002Fcdn.sanity.io\u002Fimages\u002Fth4knsoh\u002Fproduction\u002F2cb7b16c038249a6d3bb5d88b2d7a2dc90ab898d-2800x1576.jpg","Buying a new build series Nº 06, Acceptance, defects and LOE warranties",[],{"id":409,"name":410,"slug":411,"profilePaths":832,"role":415,"bio":416,"guest":358,"image":833},{"de":413,"en":58,"es":414},{"src":418,"alt":410,"width":419,"height":420},{"id":835,"slug":836,"title":837,"titleRich":838,"excerpt":846,"publishedAt":847,"readingTime":826,"featuredImage":848,"topics":851,"author":852},"3c026bfc-a253-4b3b-81db-e5110dfb7d29","journal-new-build-memoria-de-calidades-variation-clauses","Memoria de Calidades and Variation Clauses: Not Getting a Lower Spec Than You Ordered",[839],{"_key":840,"_type":391,"children":841,"markDefs":845,"style":398},"8590623c0137",[842],{"_key":843,"_type":395,"marks":844,"text":837},"2196b2871b7e",[],[],"The Memoria de Calidades is the actual heart of the specification. Without solid anchoring, the house you receive is not the house you imagined.","2026-10-12T08:00:00.000Z",{"src":849,"alt":850,"width":405,"height":406},"https:\u002F\u002Fcdn.sanity.io\u002Fimages\u002Fth4knsoh\u002Fproduction\u002F8ac87a2b48a0fd014827efa8cfc0bf259a2ec7c1-2800x1576.jpg","Buying a new build series Nº 05, Memoria de Calidades and variation clauses",[],{"id":409,"name":410,"slug":411,"profilePaths":853,"role":415,"bio":416,"guest":358,"image":854},{"de":413,"en":58,"es":414},{"src":418,"alt":410,"width":419,"height":420},{"id":856,"slug":857,"title":858,"titleRich":859,"excerpt":867,"publishedAt":868,"readingTime":826,"featuredImage":869,"topics":872,"author":873},"2c903b65-7110-448f-8356-5c49da824c70","journal-new-build-obra-nueva-nota-simple-floor-area","Obra Nueva, Nota Simple, Floor Area: What Belongs in the Land Registry for a Mallorca New Build",[860],{"_key":861,"_type":391,"children":862,"markDefs":866,"style":398},"a8d83dd65542",[863],{"_key":864,"_type":395,"marks":865,"text":858},"812d32f971b8",[],[],"A new build is only legally clean once it is recorded in the land registry. In the excitement of the purchase this layer often sits in the background and becomes more important later.","2026-10-12T07:50:00.000Z",{"src":870,"alt":871,"width":405,"height":406},"https:\u002F\u002Fcdn.sanity.io\u002Fimages\u002Fth4knsoh\u002Fproduction\u002Fde7c736ac37f4f1721b70f94e72059c1de8068f0-2800x1576.jpg","Buying a new build series Nº 04, Obra Nueva, Nota Simple and floor area in the land registry",[],{"id":409,"name":410,"slug":411,"profilePaths":874,"role":415,"bio":416,"guest":358,"image":875},{"de":413,"en":58,"es":414},{"src":418,"alt":410,"width":419,"height":420},"Buying a New Build in Spain: How Down Payments Are Secured | Buena Vista Crew","Is your down payment really protected when you buy a new build in Spain? 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