Developer not paying community fees on unsold units

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17 Mar 2010 00:00 by Faro Star rating in London. 1156 posts Send private message

An interesting article from Sur in English discussing the problem many communities face when owners stop paying and in particular the developer in respect of unsold units.

I know of some communities where the 50% or so paying have had to take drastic measures to maintain the community without doubling their individual quotas.

Again there is no prospect of unsold units being sold because developer mortgage is too high.

http://www.surinenglish.com/20100315/news/costasol-malaga/developers-communities-millions-fees-201003151154.html





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18 Mar 2010 10:29 by EOS Team Star rating in In Spain of course!. 4354 posts Send private message

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Yes, this is a massive problem for many communities, especially for those where the fees are quite high already.

And it's not going to get better for them either.  It can take months or even years to recover debts in Spain so it's a painful time for all those affected.

Justin



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18 Mar 2010 14:06 by claire T Star rating in Torremendo, Orihuela. 700 posts Send private message

EOS Supporter

We have had this problem on our urbanisation for years and, with our builder San Jose in administration, the banks have repossessed many of the unsold units. 

The good news is however that we have had a substantial payment in the last week from one bank and are told that a second bank is on the verge of paying too.  Let's hope the second payment arrives and that other developments begin to have some of their outstanding community charges paid too.

Fingers tightly crossed! 



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