For all those trying to decide whether or not to complete on a development that only has the builder’s supply (let’s forget the LFO for a moment !!), I suggest you read the following, taken from an article (courtesy of Dorothy…) regarding an AIFOS development:
…..Meanwhile, residents continue to occupy their homes with their water and electricity hooked up to the supply for construction, which causes continuous power and water cuts as well as occasional fires in the electricity meters due to over usage 😯
sorry to go over old ground, right about builders supply, but many people on our development (miraflores) are being pursuaded, and threatened with losing deposits if they don’t complete, despite no LFO, no bank guarantees and several breaches of contract, and many lawyers seem powerless or reluctant to be able to help, and are saying sue after you have completed. (i say ‘what chance of getting money back then?’) It’s all wrong, and i thought illegal? but the sad reality is, unless i get good news soon from a 2nd lawyer we are talking to, we are also in that position.
You will probably receive one of their infamous notorised documents cancelling your contract, due to breach of contract.
Probably signed by the same notary that enacts most of their Malaga based completions.
so as it’s so obviously ‘wrong’, why are they getting away with it? i would have thought with all the scandal and corruption that’s been recently exposed, the notary’s would be very wary of this developer cancelling contracts if the developer has breached the contract on several issues themselves!
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