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We bought an Apartment off-plan on this development through Ocean Estates, from a developer ,Grupo Eralia. We paid our deposit in Oct.2003. In March, 2005, we were told by e-mail, from the lawyer ,that this development was not going to be built due to the license being revoked by the Town Hall in Marbella.It was due to be completed by July 2005. Ocean Estates continued to update us on the progress of construction, saying everything was on target. Their last e-mail was in April this year !! We have asked for the return of our deposit under the terms of the sale agreement,and have been told that we have to wait until Oct 2006 !!!!!!! We have in the last 10 days been to see the estate agents, the lawyers, & the developers . Apparently we can do nothing to get our money back until next year unless we sue them! We have a Bank Gaurantee that was only issued on the 15th April this year, after we insisted on seeing it. We were told by our lawyers that this would be issued at the same time as the contract was signed in 2003. It was not and they handed over our money and left it unprotected!! We stupidly put our trust in them!! We intend to report this company to the law society in Spain at a later date, for negligence. At this moment in time, we have instructed the lawyer to demand our money back now. We have given a deadline of June 22nd, 2005. We don’t expect we will get it!! We intend to make a lot of noise about the companies involved!. Incidentally. Grupo Eralia have at least 3 other developments under construction in the area.
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Claire, it seems stories like yours are becoming more and more common. It is a sad state of affairs when what should be such a happy time turns into a total nightmare for so many people.
Do you know other buyers on this development that you can communicate with and try and resolve this matter together?
Good luck getting your money back.
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Hi Justin,
We have not been able to contact any other buyers for this development. The lawyers and estate agent were unhelpful in this field.( What a suprise!!) We offered for them to forward our details on, but again, this was not done. We have posted a message on your notice board a few weeks ago, but so far , no response! It is difficult to know how to go about finding other people, with the Privacy laws in place. This Forum is a good place to start. At least we know that we are not the only ones having a “nightmare” time. !!
Thanks for your reply.
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Hello Dorothy,
Thanks for the info. An interesting website.I see that Green Hills was given NO bank guarantee( why did our lawyers not advise us of this??!!!) whilst Los Lagos, a development nearing completion, WAS given one?! We think problems arose in late 2003/early 2004, and the bank would not issue a guarantee. As it is, Eralia have had to deposit a large sum of money to get the guarantees that were issued in April, 2005.
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