Refunds in Corvera Phases I and II

 Legal tip 732. Refunds in Corvera Phases I and II 
18 March 2012 @ 16:11 

How many cases have been won under these circumstances Maria, or are the advertised completion dates you say were published specific to this one case?

All of the literature that I have personally or have  seen (4 or 5 different brochures) contain NO SPECIFIC DATES for completion of either the properties or the golf course.

"  A recent Court decission by Murcia Appeal Court section 4 has confirmed a Court decission by the First Instance court by which off plan buyers who issued a cancellation notice once completion date has arrived and before First Occupation License (FOL) was issued"

buyers who issued cancellation notice after completion but before 1st occupation license issued doesnt make sense? didnt most people get asked to complete within 18 months of the first occupation license?

 

If corvera fails then the bank will have all these properties on an unfinished resort that are worthless to them - do you think a court, for a development of this size in an economy this bad will order the banks to repay money to this scale - it will put so many developpers out of business right? if the properties are worth say 50% less than paid for and the bank sells them for this they will not recover the money they lent .... it just wont happen. also dont the bank gntees have to be used before the FOL - too late now, no?

 

Jesus an attorney at corvera said if they fail the banks will NOT have any liabilty to repay those who didnt complete as it is not the bank's problem (just like those who have completed wouldnt get a refund either!!!)  no exit strategy for anyone really - either way everyone is stuck with a loss in my opinion.

Chris

Isn't it interesting how quickly "SteveandJane" posts after anything that goes against Corvera? I wonder what his real name is and I am sure he works for Corvera. Take the Milngavie newspaper article which went against Corvera. Who has heard of it? Yet within hours of publication there he was with his counter defence!

Only the people who work for Corvera knew about it when they were asked to comment.

 

 

This message was last edited by twofish on 29/03/2012.

If you read the post in this thread as it is meant, it is does not actually protect Corvera, merely questions a lawyer who I believe infers that anybody can get their money back under the same circumstances. I simply point out that I as many, would not be able to because ALL of the literature/brochures that I have seen since 2007 have not contained specific dates for build completion and I and many others would not be able to claim false advertising of dates as an argument. So not 'great news for ALL peoples rights in Corvera' . I wouldn't like to see anybody throw more thousands of euros at a lawyer who might not be able to act as they may believe should they read a few general details from a specific case win.

As for Milngavie, I just read articles that are related to Corvera and may or may not make a comment.

It is a shame that MRI is not still in business as I believe the problems suffered by investors and multiple property buyers are as much to do with them and their sales talk (if not moreso) than the developer.

 

(Without prejudice)

As I understand the precedent recently set shows that the developer would lose on the facilities debate in court, but that the remedy is not cancellation, merely a damages case of around 20,000 euros. As Corvera has been sold there is to be no liquidation...if I was still siting saiting to buy, I would go and do a deal right now whilst the new owner is in the mood, I would like to bet you can save yourself all the hassle and costs of lawyers with shared costs and get yourself the 20k discount..but we have seen this week people coming in and buying those lots where people have been happy to lose their deposit and reduced prices..but there aren't many availaswords word has got round quickly and everyone is beginning to realise that corvera is not only a gold mine but has a brilliant community atmosphere. Almost everyone who frequents there just loves it and everyone is so helpful and positive, there are so many vents organised locally by owners getting together. They say the future is bright!

Twofish having met up with steve and had beer with him i can confirm that he does not work for corvera and is in fact a nice bloke which may disappoint some on the forum members.

Simon & Sue