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In February 2003 we signed up to buy an off plan 2 bedroom apartment in Bonita Hills, which was sold to us by Ocean Estates and due to be completed in February 2004, We had no plans to sell before completion and used their recommended lawyers to deal with the purchase.. To cut a long story short from February 2004 until now we have not been able to complete due numerous delays excuses etc, Ocean Estates have been no use what so ever and have washed their hands of the whole issue.
We have now been told by our lawyers that the developer has financial difficulties and is unable to complete and meet the terms of the contract despite the apartment being fully built and serviceable.
We have been given three options.
Pay an additional sum to the developer as an alternative to completing which will put the property in our name.
Execute our bank guaranties which would allow to get back the money we have paid.
Take legal action and force the Developer to act according to the contract
We would appreciate any advice in relation to the options we have been given. 🙁
I am sorry to hear about that, I wan’t aware of these issues with this development. Do you know what is outstanding with the development? Is it the communal areas? Utilities?
Thanks
Sir,
It would be interesting to know in which locality of Malaga Province and street is the promotion where you invested the money, and to know the number of “finca registral”. This way you might find out if the building has been declared behalf a Notary (Obra Nueva), although it is in construction, and if building permit was granted, since I suppose that it was this way, but you never know. Sometimes builders are so temerary…!
With the three alternatives that they have proposed to you, read the other way round, they can in reality expect the following: that you recover your money (faced with the three alternatives, it seems the most logical), so they could sell it again, but more expensive. You should bear in mind that the real estates market price has raised an average per year of 15 %, and considering the date in which you bought, in February, 2003, it might be a question as 25 to 35 %.
If the contract that you signed is correct, you have the possibility of request to the vendor by means of notarized summons, to grant the purchase deed in your favor, and if necessary, do not hesitate to file a lawsuit. But everything depends on the contract.
Take good advice before taking a decision. In no case accept the first option. “ Pacta Sunt Servanda ”. In Fuengirola there has his office mister José Maria Sánchez Alfonso, who undoubtedly will be able to assist you with entire professionalism.
Tel + 34 952 47 92 68,
email jmsalfonso@inicia.esGood Luck
Juan Bertomeu Vallés
Real Estate& Planning Lawyer
http://www.iurisconsulting.net
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