Can I still claim my money and when my claim is lost?

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Can I still claim my money and when my claim is lost?

Postby Admin » Fri Feb 21, 2014 9:53 pm

Dear Forum users,

We are openning the current new topic of our forum in attempt to give you valuable information about one aspect, which most probably is totally unknown for you. From the topic's name you can guess that we are going to explain you in details when you can consider your claim lost by a limitation, i.e. what is the final money until which you are allowed to claim your money back. The local bulgarian legislation is not giving people unlimited opportunity to claim and protect their rights. The local system is such that determines specific limitation periods, after the expiration of which you are considered to have lost the right to protect your rights and submit claims.

Many of you have signed preliminary contracts for sale-purchase of apartments with different developers in Bulgaria. Unfortunately part of you have never received title deeds for their properties. Part of the people have lost their patience in 2008-2012 and numerous court cases were performed, leading to insolvency of some of the developers. But part of you are still waiting and wondering what to do. Thise second part of people are still hoping that the local developer can turn things around, complete the complex and transfer you the apartment to your names. But the miracle is not happening and time is passing slowly. The acting preliminary contracts are not protecting you much, especially when local banks have established mortgages over properties in many complexes. These contracts are not guaranteeing you any ownership rights over the property. But the acting preliminary contract is also not allowing you to ask the developer for repayment of your money. Because what is left for you, when it is obvious that the developer is not in position to execute his obligations? You have one way left- asking the developer to repay you the whole invested amount. And when the developer refuses to repay your money back, then you have no other option, but to claim your money via courts. BUT THIS IS NOW NOT ALWAYS POSSIBLE, EVEN IF YOU WANT! Local Contracts and Obligations Act /art. 87,p.5/ is saying that your right to claim money expires after 5 years and the 5 years period starts counting from the monent, in which the developer fails in delay. All this means that if your contract is stating that the developer was obliged to complete the complex and transfer you the apartment in 2007, then the 5 years period has already expired and you are no longer in position to claim your money, simply because you have missed the right moment to terminate/cancel your contract. Your claim is considered lost by a limitation.

It is important to note that you are still allowed to terminate the contract and claim your money back, but if the developer appeals and says that the limitation period for this has expired, then your claim will be turned down. Your only chance, if your claim is lost by a limitation, is to hope the developer won't mention this in potential court case.

As a conclusion, we would like to ask each one of you to check whether the limitation period has expired in each of your cases and to consider carefully his/her next actions. Complexes, which are not completed for the last 4-5 years are unlikely to be completed, but as the time passes you are losing not only the chance to get the property, but also the chance to at least claim your money back.

In addition to all the above we would like to present information about complexes, where according to our information the limitation period has expired. Please note that the below list is based on preliminary contracts we have seen, but we realise that there might be some individual contracts, so it is vital each one of you to CONFIRM whether the limitation period has expired for you or not!!:
1/ Whiteoaks Complex /Developer: Kerry Ski Construction Ltd./;
2/ Whiteoaks Lodge /Developer: Kildare Ski Construction Ltd./;
3/ Grand Royal /Developer: Bulbuild BG Ltd./;
4/ Golf Club Ibar /Developer: Golf Cluf IBAR Plc./;
The above list will be updated as soon as we find information about other complexes.

Complexes, where the limitation period will expire in the next 5 months /July 2014/:
1/ Orpheus Valley /Developer: Bulgare Development JSC/;
2/ Costa Bulgara /Developer: Tzarski Zaliv Plc./;

Complexes, where the limitation period will expire in one month time:
1/ Dawn Park complex /Developer: Delagio Ltd/;


We hope the above information will be valuable for most of you. Our advice is to confirm your legal position, because sitting and waiting at this current moment may lead to losing your hard-earned money in close future.


Bulgariandeals Team

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Re: Can I still claim my money and when my claim is lost?

Postby Admin » Sat Apr 05, 2014 12:48 pm

Dear forum members,

In addition to the information above we would like to update the list of complex /developers/, where the limitation period is getting closer. The complex "Kranevo Paradise Gardens 2", which was planned to be constructed by "Bulgarian Developers" Ltd. should have been completed by 30.06.2009, which means that the limitation period for terminating your contracts here expires on 30.06.2014. Please note that the complex is not completed and there is no reason to keep your contract in force.

Bulgariandeals Team

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