CONFIDENCE team successfully defended the rights of a buyer of an apartment under construction in what seemed to be a hopeless situation

The buyers paid 250 000 EUR under the terms of a preliminary sales contract of the apartment. Real estate developer was obliged to build and sell the apartment, but failed to render the performance in time stated in the contract – the apartment was not built and sold. The situation was heavily aggravated by the fact that the whole project – multi-apartment building – was sold off at auction to a new developer.

Under representation from CONFIDENCE, the buyers went to court in attempt to secure protection of their rights and to ensure the enforcement of a further court decision. Court resolved the issue by initiating the application of provisional safeguards – seized the rights to a section of the real estate project in proportion with the intended apartment value of the buyers. All following appeals by the new project developer to remove or alter the seizure were refused by courts. Courts stated that seizure was necessary to maintain the status quo between the parties and to ensure effective protection of buyer`s rights. After assesing the situation, the new developer iniated negotiations. After aforementioned negotiations, an out-of-court settlement was reached, under which the clients were returned their investments as well as paid a solid compensation. In this civil case the buyers were successfully represented by CONFIDENCE partner, attorney-at-law Dr. Laurynas Didžiulis.

Have you encountered a similar situation where you had paid for an apartment that was under construction but the building was afterwards not built or sold? Professional lawyers at CONFIDENCE are ready to help in protecting your rights and returning your investments.