Re: Re: Polaris world dilemma

#85784
Anonymous
Participant

@sue Tracey wrote:

Hi
Is any body in our position, we bought off plan on Condado Alhama , due for completion early spring 2009, they rang me and have asked for completion 6 months early, we cannot do this now because of credit crunch, need more time, is any one having the same problem? if so have you had any joy pursuading polaris to delay.
Also what happens if you dont, do they take us to court to claim the 40% or can they take it any way. any advice would be good. 😥

I know instances of this, assuming you can’t afford it at present, then just simply delay them.

Whilst Polaris appear to be more aggressive about completions, the chances are they will just hold fire ‘for a bit’ and nothing will happen (especially as the market is slack), you’ll just get chased/warnings.

What will happen in the medium term is that they’ll claim breach of contract (I assume refusing to pay the balance) and sell the property from under your feet, simply sell it (dump it) at the amount you have left to pay on the property in the market (I assume from what you have said the 40% remaining balance).

Somehow I doubt they will take you court, simply wash there hands of you by dumping your property at the unpaid amount on your contract. I assume if they do this their loss for breach of contract is effectively nil anyway.

This is a non legal view, obviously the terms of your contract (timings of payments etc) will prevail to a greater or lesser extent and of course seek legal advice.