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We fell into a dispute over the findings of a ground study and no longer wanted to complete our French property purchase. We felt that French Law supported our case but were unable to persuade the seller, and the notaire was unhelpful. We quickly became comfortable communicating our position in English and trusting M. Traesch to represent us to the other parties. He successfully negotiated the return of our deposit at a reasonable cost.
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Owners of a leaseback property bought a flats, a parking place and a two ski storages in a vacation building (residence of tourism in French). The deal was funded by a bank loan. A commercial lease is signed for 11 years with an operator. One year later, the operating company files a chapter 11 bankruptcy demand. One and a half year later, the operator is liquidated and doesn’t exist anymore. The owners of the leaseback property sue the builder, the bank and the real estate agent. The case is based on wilful misrepresentation, late delivery of the real estate, latent defects and unpaid rents.
The claimants ask for the cancellation of the buying reservation contract, selling contract, the bank loan contract and the refund of the paid interests. The plaintiffs based their damages claim on the breach of the information and advice duty/obligation.
Owners of a leaseback property, filed a claim against the real estate agency specializing in real estate leaseback investment. They claim the real estate agent has a responsibility in the default of the operating company of the tourist residence or in the latent defects of construction. The builder, the bank and the real estate agency states it were risks that purchasers had to take into account. The builder and seller of the leaseback real estate The builder and seller of the leaseback real estate is not liable. The judges decide the company informed well the buyers. The builder had not to advice regarding the leaseback investment.
The bank funding the leaseback investment. The owners of a leaseback property (residence of tourism in French) claim the bank advices them to invest in this leaseback scheme. It is based on an email stating a meeting with the manager of the banks’ real estate investments department. It is not enough for the court. According to the judges, there is no evidence the bank was the first to advice this leaseback investment to the buyers. The court convicts the real estate agency specializing in leaseback in France The court decides that the real estate agency specializing in leaseback in France breached its obligations of information. Under the French law, the real estate agent has to advice the buyers of the leaseback. He has to inform the buyers about the risks of the deal. These risks are especially the operator's default and the unpaid rents.
Damages resulting from non-performance of an obligation. The contractual liability is based on the contract of course, but the damages are based on article 1147 of the French civil code: “A debtor shall be ordered to pay damages, in the proper circumstance, either on account of the non-performance of the obligation, or on account of the delay in performing, whenever he cannot establish that the non-performance was due to an external cause that cannot be imputed to him provided, moreover, there is no bad faith on his part.
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