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Sunday, June 29, 2008
Just Dan
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Hi
Questions
A deposit is placed on a property in a rising Spanish property market and the market turns and it is decided that a buyer simply does not WANT to complete.
Now the developer has carried out his part of the contact and not his fault that the market has fallen or the credit crunch .WHY SHOULD HE LOOSE AS HE DIDNT FORCE THE BUYER TO ENTER INTO THE CONTRACT.
Even if the buyer were to loose the deposit of say 30 % then this may not cover the drop on value on some properties so why should the devoloper loose after many years of fighting through the courts and having to fund everything with an amount of deposit that in no way could begin to cover his costs.
The buyer is defaulting on the deal and much is said about how bad developers have dealt with buyers so?
1 Can the developer insist that the buyer complete or can he sue the buyer and take legal action in their European residence.including going after their property
2 If the developer has gone bankrupt can the Banks take up this option.
3 Now because of the credit crunch and falling market buyers are refusing or avoiding completing and the developers have had to spend multi thousands of mortgage payments and management fees ,can he sue for his losses if the court deemed the buyer should have completed say a year earlier or more?
WHY SHOULD THE DEVELOPER LOOSE FINANCIALLY ? THE DEAL SHOULD SURELY PROTECT THE INTERESTS OF THE BUYER AND SELLER.
Why should developments be left half filled and the burden be placed on those that have completed to maintain the whole development as they have completed as per contract and the developer or the owners suffer financially because others dont want to play when the going got tough.
Say I am a builder and I build you a house as you want to make some money
I complete your house but while doing that the market has fallen or you finances change and you will not pay.
Natuarally neither is my fault and I want paying and would be entitiled to sue so what the difference with the Spanish Developer.
Remember many of these developers may very well loose everything just because people refused to complete and that cant be all his fault?
Regards
Just Dan .
This message was last edited by Just Dan on 6/29/2008.
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29 Jun 2008 3:08 PM
led
Parcela
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dan - you are funny. at ebbc you are telling everyone "you know marketing leading info to pull of ebbc and ocean view".
dont make it too obvious you still work for opv
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29 Jun 2008 7:23 PM
Just Dan
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led
No I dont work for O.V.P.
Do you know the answer to the questions,Yes or No.
Just Dan
This message was last edited by Just Dan on 6/29/2008.
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