Q: Is my money safe with Polaris World?
Tuesday, May 12, 2009 @ 2:11 AM
In my original blog post Craig Thomson asked:
"I have bought property from Polaris World but the builder is not going to complete the development or even start it. I am looking to terminate the contract and recover my instalment of over 40K Euros with interest. Please can you confirm my chances of doing so ?"
Dear Craig
When you handed over your original deposit your lawyer should have ensured that you were given a valid bank guarantee which is a legal requirement of all developers in Spain.
The bank guarantee, of which there is much information about on this website, is supposed to safeguard your money in the event that the development is not completed or it is completed late.
It is important to note too that some developers have sometimes put an expiry date on bank guarantees. A court ruling recently overruled this so expiry dates don't mean anything anymore.
In terms of executing your bank guarantee it depends on the date stated in your contract regarding completion. Has this date now passed? If it has then you need to get your lawyer on the case ASAP to start the process of claiming your money back.
Normally you should be able to claim back around 6% interest but most people are just greateful to get their deposit back alone. If you get the interest back too consider it a bonus.
To sum it up, if you have your bank guarantee then yes, it's very possible you will get your money back although unfortunately you may need the assistance of a good lawyer to get it as some developers are really struggling financially.
I hope this information helps.
If you would like me to answer a question for you then please leave a comment below.
This post was made in association with Livingstone Estates who apart from other locations, have property for sale in Nueva Andalucia and property for sale in Mijas.