Tag Archives: aifos

Aifos bosses in trouble again

July 19th, 2011

Sur newspaper publishes today that Aifos´ CEO, alongside his wife, are being accused of missapropriation of approximately €72,571 of a client of theirs that paid a deposit on account of a property that was never built. The indictement and further accusation is the result of two premises:

  1. Having taken a deposit upfront without providing a bank guarantee to ensure repayment and
  2. Not using the deposit towards expenses arising directly from the proposed construction.

Many developers these are still believing that taking hundreds of thousands of deposits from punters, not guaranteeing them and using them to pay salaries, marketing, dividends (yes, even if no property has been delivered!) is something that, quite simply, is acceptable from a legal point of view.

Contrary to other businesses, property developers cannot incorporate downpayments received into their company normal business account and use for purposes different from the construction of the property, as such purpose would be deemed as unathorised, unless a bank guarantee is provided.

And as such, property buyers on off-plan property may not be deemed as regular creditors, but protected parties that pay deposits to a professional developer who assumes a fiduciary duty.

Another Case Won at Balcones de Riviera

October 5th, 2009

A new case against Aifos has been won by Lawbird lawyers, the 23rd of September 2009. The judgedment is a first rulling on a cancellation of constract case initiated on behalf of a British couple. The development involved is again Balcones de Riviera in  Benalmádena (Málaga). The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

The court has sentenced Aifos to refund our clients in full their deposit amounting to 46,458.19€. On top they have been awarded as well interests (5,326.95€), moral damages (3,000€), and a further amount as lost profits (28,598.50€). Additionally the estate agent who sold them the off-plan property has also been sentenced to refund our clients their commission (5,391€) plus the legal interests accrued.

Aifos Sentenced to Refund Four Times the Deposit to Purchaser at Balcones de Riviera

September 15th, 2009

Lawbird lawyers have won a first ruling against developer Aifos on the 10th of September 2009 acting on behalf of a British client.

The client had purchased an off plan property from developer Aifos at development Balcones de Riviera, in Mijas, Málaga. The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

The court sentenced Aifos to refund in full his deposit amounting to 36,700€. In addition to his deposit, the law court has ruled he is entitled also to a significant compensation as well as the legal interests accrued which amount to a further 105,321.61€. This ruling entitles him to a total refund of 142,021.61€.

Aifos Sentenced to Refund Deposits for Seven Off Plan Properties

June 25th, 2009

Lawbird lawyers have won a First ruling against developer Aifos on the 11th June 2009 acting on behalf a British client.

The client had purchased seven off plan properties from developer Aifos in three different developments: Las Caballerizas in Mijas, Cortijo de Torreblanca in Fuengirola and Balcones de Roquetas, in Roquetas del Mar (Almería). The developer had breached the private purchase contract because of late delivery in handing over the properties.

The court sentenced Aifos to refund the purchaser her deposit in full, which amounts to 218,965€, plus the legal interests accrued, as well as sentencing Aifos to award the legal fees to our client.

Case Won Against Aifos on Behalf of Buyer of Calahonda Hills

December 23rd, 2008

Lawbird have won a first ruling against developer Aifos on the 22nd December 2008 acting on behalf a British client.

The client had purchased an off plan property from developer Aifos through real estate agency Ocean View Properties (OVP), which are now in receivership, at development Calahonda Hills, Mijas, Málaga. The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

The court has sentenced Aifos to refund our client in full her deposit amounting to 60,697€, plus the legal interests accrued.

Court Case Won Against Aifos at Riviera del Sol

June 17th, 2008

Lawbird have won a First ruling against developer Aifos on the 16th June 2008 acting on behalf a British client.

The client had purchased an off plan property at development Riviera del Sol at Mijas Costa, Málaga. The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

The court has sentenced Aifos to refund our client in full her deposit amounting to 29,489€, plus the legal interests accrued amounting to 7,191.45€, plus compensation for the moral damages inflicted and loss of wealth amounting to a further 40,000€. In total Aifos must pay her 76,681.45€.

Aifos to Refund Deposit to Jardines del Rincon Purchaser

June 11th, 2007

On June, 11 2007, a judge has sentenced Aifos to refund a British client represented by Lawbird.

The client had purchased an off plan property from developer Aifos at development Jardines del Rincón, Rincón de la Victoria, Málaga. The developer had breached the private purchase contract because of late delivery in handing over the property.

If this first ruling is not appealed, Aifos will have to refund in full the deposit amounting to 99,217.13€, plus the legal interests accrued.

Lawbird Obtains Moral Damage Compensation from Aifos on Behalf of a Purchaser of Jardines de Torrequebrada

September 12th, 2006

On September, 11 2006 Aifos have been sentenced to refund the deposit to a British client represented by Lawbird.

The client had purchased an off plan property at development Jardines de Torrequebrada, Benalmadena, Málaga. The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

Even though the plaintiff´s petitions were not fully attended to, A.I. has managed to recover her down payments lodged with Aifos in 2002 for a property she never got at the Jardines de Torrequebrada development, plus moral compesation and the legal interests accrued. In all, the Court has ruled that Aifos is to return twice the amount paid by A.I.

The plaintiff is reviewing her options on advice of her lawyer and is considering appealing the ruling to obtain a higher compesantion package.

Update: Our client was refunded 39,452.12€ in total.

Links