26 Jan 2008 1:55 PM:
Hi all, just following on from Just Dans post and to answer Tish, I agree, in my opinion, all that will happen when and if the developer goes bust, the bank who funded most of the build will take over - Banco de Andalucia.
I Guess the deposits will go with the developer when he goes bust as it was paid to them, and not the bank. when it happens, the bank will either give a deadline for those who have not completed and after that period, and will reposes the apartments and then re-sell them - cheaper than original price i'm sure!!
When i purchased the property, i used the lawyers Martinez-Echevarria. who were only to happy to sort out the purchase.
2 years on, and when the Occupation License was under question, they sent out letter saying in lose terms we should take take the developer to court as we had a good case of winning. for an extra cost to us of course.
Following this I, i consulted a personal friend / lawyer on the matter who after her own investigation informed me there was no reason not to complete, the land was purchased from the electric company from the developer for construction. I believe there is a question on whether it should have been townhouses or apartments - but for us, we was sold it as an apartment with the contract saying the golf course might be or not be built.
So we completed in 2006 June. All the electric, water and phone line was installed and up and running in 2 weeks with legal contracts with the suppliers direct.
1.5 years on, i am now hearing that the same lawyers are now saying to the clients that they should complete as there is a chance they will loose there money.
My overall opinion on this is, Santa Maria, unlike a few of the other developments will be granted the license. as there is little to suggest otherwise. For us, we see it as a long term investment as the current market is not good!!
Looking forward to seeing you around the pool.
thanks.
Community thread:
Clover Estates / Procoal
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