The protection offered...
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That is why in despite of what many self-appointed forum experts claim, we always recommend that both purchaser and vendor use their own lawyers to avoid problems such as the one above which can easily be overcome hiring a Spanish registered lawyer.
Speaking as a vendor, if a Spanish lawyer is involved (hired by the vendor's estate agent in my case), what guarantees are in place when the purchaser wants to pay by banker's draft?
If the banker's draft is not honoured in this case, is the Spanish lawyer liable?
If you give the lawyer power of attorney, and they sell the property in your absence, and then no monies arrive... again, is the Spanish lawyer liable?
Surely, it would again just involve a lengthy legal process, the target being the lawyer rather than the buyer...?