Irish Property Owners Burned in Bulgaria Property Owners Insurance
The Sunny Victory apartment complex in Bulgaria’s coastal resort of Sunny Beach have been left seriously out of pocket.
Unlike the usual Property stories there were no building issues, the development was completed, owners took possession of their properties, The complex is being properly managed and has good occupancy rates. The properties have been paid for in full and received unencumbered title deeds. at least that is what they thought
However in 2015, 31 owners discovered their properties were the subject of a lien form Japanese-owned Tokuda Bank. It says it owned the land the owners must pay or the properties would be sent to auction.
When searches at the land registry for liens were made, none were found. This was because Bulgaria’s land registry was not able to handle the number of transactions at the time.
The developer had loans on the land to fund the development but did not disclose this when properties were closing.
This has left owners in a very difficult situation having effectively been defrauded by a company that is now in liquidation.
For more details see http://bit.ly/28JjYrz