COURT RESOLUTION ABOUT PHASE III BANK GUARANTEE-BANK WILL HAVE TO PAY BACK

Dear members

 As this was an issue a few months ago, and some of you were reluctant to believe, I confirm that today I have received the confirmation from Court number 14 in Murcia, ORDERING BANCO POPULAR to pay back to my clients (buyers in Phase III Corvera Golf) the Bank Guarantee for the money previously paid.

 I am waiting now another resolution for CAJA MURCIA also to pay their Bank Guarantee to the same clients, I hope this is coming soon.

 What I want you see is that BANK GUARANTEES have a CLEAR PURPOSE ACCORDING SPANISH LAW 57/1968: TO PROTECT BUYERS ABOUT DEVELOPERS WHO ARE NOT FINISHING AT ALL, OR EVEN NOT FINISHING IN TIME OR PROPERLY. Of course every case is different.... but with a Bank Guarantee in hand you have many options to have your money back.

 Kind regards to all

 Luis F Mendez Banderas

 Solicitor Málaga n. 6052

Hi Luis, We all knew that deposits on phase three properties on which construction never started and where bank guarantees are held by the buyer would have to be refunded, this is nothing new. Corvera have been busy offering phase three buyers swaps and upgrades to properties in phases one and two for many months now. The bottom line is that still no one to my knowledge has been refunded a deposit where they are simply not completing their phase one or phase two property purchase because of a perceived or real 'lack of facilities' and i expect that to remain the case. There are rumours that work on the clubhouse may re-start this spring and if that happens then we really will be looking at a much better situation with all the other good news around relating to the new Corvera Airport and the Paramount Theme Park.

Hi Luis,

Thank you for that very infomative post and congratulations on securing your clients deposits back.

Simon i am afraid i cant say the same about yours but just a little piece of information for you, the reason why you havent heard about deposits being returned is that the vast majority of cases that are being brought against the developer havent even reached the first stage of court process. Its a long drawn out process and given the nature of the Spanish legal process you are not going to hear too much too soon.

i also love the statement "perceived or real lack of facilities" ... i dont think there is a lot of perception involved i am afraid its very real and kind of backed up by your very next sentence of clubhouse rumours!..classic... still with the airport, theme park and a clubhouse on the horizon the sales must be flying... i  #$%^ing hope so cos someone one can have mine whenever they want!!!

Calidona must have been desperate for phase 3 buyers to switch across to phases 1/2 , i just hope those that did are getting an awesome deal and also knew that they could have got their deposits back. Its difficlut to see how good a deal they could have put together that would have had me completing rather than taking my money back.... but then again i am a non-believer!

Damn well wish we hadn't hurried to complete on the last releases of phase Two!!!

If we had missed the dead line - Would I be swapping from phase three to swap for a bargain on phase 1 or 2?  or would I choose to kiss good bye to Corvera for ever  and call upon my bank guarantee

Mmm................ Now let me think about that one for a while.............. You honestly don't want an answer do you?

Carole