02 Sep 2010 5:53 PM:

I have been informed by my lawyers that the contracts for El Patio have been deemed broken by the developer as they have sold on the full complex to a Bank. Therefore, our deposits are now owed to us by the developer and will be part of the creditor considerations by the receiver. Has anyone else confirmed this position?

Community thread: Dona Julia El Patio Completion Date

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10 May 2010 10:05 AM:

Hi Peev,

I paid them to lodge with the court that we were a creditor and should get our deposit back as the developer is now in receivership. Doubt we'll get anything. Also there are some people taking them to court for selling on the apartments we were contracted to purchase as you probably know.

Community thread: Dona Julia El Patio Completion Date

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09 Nov 2009 8:32 PM:

LoS told me today that the Bank and Developer are in discussions and the Bank is trying to buy out the development. If they do I think we can negotiate a more reasonable price for the apartments - they will have to accept that they are not what was promised and they have delayed unreasonably -  they will also not want to lose all the buyers.

Community thread: Dona Julia El Patio Completion Date

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09 Nov 2009 5:06 PM:

Hi - all is quiet. No progress whatsoever. The longer it goes on the stronger our case is I would suggest. What steps are you taking to recover your deposit? The Bank Guarantee is now void because the License was granted.

Community thread: Dona Julia El Patio Completion Date

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22 Jul 2009 12:33 PM:

John. I'm not sure it's as easy as what you say - just dont complete. We are all contractually obliged to complete at the agreed price as long as the developer meets the requirements of the contract. If we dont close I understand that the best case is we will lose 50% or possibly our full deposit. Worst case the Bank could potentially issue court proceedings to force closure and come after assets anywhere in the word to force this. There are varying opinions on whether the properties are ready for handover and certainly issues with appliances, finish, amenities, surroundings etc which can be argued for a reduction in price. I agree no-one wants to complete but it doesn't end there.

Community thread: Dona Julia El Patio Completion Date

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