Fortuna Hills Golf Resort - victim of the Spanish Property real estate bubble

Fortuna Hills developer the San Antonio group and subsidiary, Promociones Eurohouse have found the current economical climate extremely difficult and have been forced to reduce their costs by stopping developments and delaying payments.

This is affecting many British and Irish investors who have invested a large part of their life savings in real estate and are faced with the dilemma that their properties may not be delivered, not to mention the almost impossible task of obtaining refund of their deposits or bank guarantees.

This group is also responsible for other developments in the Costa Blanca such as Pueblo La Sal, Los Balcones del Valle, Residencial la Ciñuelica and
Paradise Golf.

This situation becomes more complicated as in some cases banks do not offer clients bank guarantees or deposit insurance policies for security on their advanced payments. These guarantees are a legal requirement, according to Act 57 and 68 of Spanish Law. However, they are not always provided by the developer due to the additional costs. They should have been specifically requested by the purchasers or their lawyers.

Most owners are not in possession of the original documents; contracts, bank guarantees and receipts of payment. In most cases their lawyers have these documents and are obliged to release them.

Many owners do not have bank guarantees so the only alternative is to sue the developer. If the client wins the case and it is still impossible to obtain the refund from the developer, the responsibility could then fall on the directors and potentially on the legal representative who acted on the clients' behalf in the conveyancing process.
For more information on how you can reclaim your deposit or execute a bank guarantee, visit www.spanishpropertyactiongroup.com