A New Landlord???
Jul 17th 2009, 1:57 pm
#1
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A New Landlord???
SAN FERNANDO
ONE MAN ACQUIRES CALA DEL SOL BLOCK 1
Cadiz news and informationThe owner of one apartment in the unfinished Cala del Sol development on the Ronda del Estero has become the owner of 225 apartments in Block 1, because nobody bid for them at auction. Benito González paid 50,000 euros towards the 150,000 euro cost of his apartment, which should have been finished in mid-2007, and that is the amount of money he was claiming back. The developers, Aifos, not only failed to complete the project but also insisted that they did not have the money to repay him. Sr. González was the first owner to take legal action against Aifos, and he asked that the apartment block be embargoed as a guarantee of payment. The judge found in his favour and, as a result, the building was put to auction this week. As it has not yet officially been divided into separate dwellings, the auction included each and every apartment in the block. Nobody took part in the auction, and under these circumstances the law states that it becomes the property of this dissatisfied owner as he was the first to take action in the matter.
The bank which was funding the project is said to be owed more than 20 million euros by Aifos. Benito González has been advised by his lawyer to wait for a period of approximately three weeks to see whether the bank contacts him to try to come to some agreement over payment.
On the other hand, of course, there are other people who were buying apartments in Block 1 and have also paid money to Aifos. They set up a support group and Sr. González says they had been trying to negotiate with Aifos, while he went ahead with legal action. He believes the most feasible way forward now is for discussions to take place between himself, these owners and the bank to see what can be done to resolve the situation.
http://www.cadiznews.co.uk/info2.cfm?info_id=59505
ONE MAN ACQUIRES CALA DEL SOL BLOCK 1
Cadiz news and informationThe owner of one apartment in the unfinished Cala del Sol development on the Ronda del Estero has become the owner of 225 apartments in Block 1, because nobody bid for them at auction. Benito González paid 50,000 euros towards the 150,000 euro cost of his apartment, which should have been finished in mid-2007, and that is the amount of money he was claiming back. The developers, Aifos, not only failed to complete the project but also insisted that they did not have the money to repay him. Sr. González was the first owner to take legal action against Aifos, and he asked that the apartment block be embargoed as a guarantee of payment. The judge found in his favour and, as a result, the building was put to auction this week. As it has not yet officially been divided into separate dwellings, the auction included each and every apartment in the block. Nobody took part in the auction, and under these circumstances the law states that it becomes the property of this dissatisfied owner as he was the first to take action in the matter.
The bank which was funding the project is said to be owed more than 20 million euros by Aifos. Benito González has been advised by his lawyer to wait for a period of approximately three weeks to see whether the bank contacts him to try to come to some agreement over payment.
On the other hand, of course, there are other people who were buying apartments in Block 1 and have also paid money to Aifos. They set up a support group and Sr. González says they had been trying to negotiate with Aifos, while he went ahead with legal action. He believes the most feasible way forward now is for discussions to take place between himself, these owners and the bank to see what can be done to resolve the situation.
http://www.cadiznews.co.uk/info2.cfm?info_id=59505
