Topic: Escrow agreements

[JamesLou77]

Hi

I have paid one instalment for a property at the Orchard phase 3 into an escrow agreement

Does anyone have know of people that have used clauses in their escrow agreement to get their money back?

How do I chase this up? I only have the following e-mail address      customercare@bulgariandreams.com   which I don't imagine I will get a response from

Whenever I phone the Sofia office I don't get a response

Does anyone have any other contact details - Robert Jenkins personal e-mail? Phone number?

[HotHouseFlowers]

James,

I was one of the lucky ones and managed to get my full 30% back from Bulgarian Dreams back in January 2008.  I too had an escrow agreement for an apartment in phase III of the Orchard, however, it was very difficult to get my money back even a year ago. 

It took me three months of constant calls/e-mails to both Robert Jenkins and his legal team but eventually they paid up.  I later found out that the Escrow agreement was not an independent agreement and was actually set up by Bulgarian Dreams - if yours is the same agreement which I suspect it is then it will prove very difficult for you to get your money back as it will not be held by an independent third party - sorry.

[JamesLou77]

Thanks very much for the reply

It sounds like my escrow agreement is either similar or the same

Do you have still have contact details? Robert's phone number? The contact details of his legal team?

[HotHouseFlowers]

Here are the contact details I have but I doubt given recent developments you will get any response but I wish you all the best.

Robert Jenkin - robert@bulgariandreams.com
Sadie Sheliker - sadie@bulgariandreams.com
milen - milen.krastev@property-legal.com
denica arnaudova - denica.arnaudova@bulgariandream.com
Gergana Stratieva - gregana.stratieva@bulgariandreams.com
dimitar vladikov - contracts@bulgariandreams.com

[michaelsowa]

Hi James,

We are in the same situation as yourself.  We have paid 25% into a supposed escrow agreement.  Have you had any luck with contacting anybody?  Maybe we should trade info?

We used a Bulgarian solicitor and have contacted him to ask for his help. Will let you know what he comes back with. We just spoke to him on the phone and he does seem willing to help.

Thanks

Mike

[JamesLou77]

Hi Mike

I have now had a response from Bulgaria Dreams Sofia office, but they have just said can't help and have given me Robert Jenkins e-mail address (sent e-mail on Friday, but I guess unlikely to get a response)

I would certainly be interested if your solicitor is in a position to help, although I have been told that Bulgarian solicitors can't help as it is a UK agreement (well my escrow agreement is anyway)

Keep in touch

[jamitch]

Hi James,

We are in the same situation as yourself.  We have paid 25% into a supposed escrow agreement.  Have you had any luck with contacting anybody?  Maybe we should trade info?

We used a Bulgarian solicitor and have contacted him to ask for his help. Will let you know what he comes back with. We just spoke to him on the phone and he does seem willing to help.

Thanks

Mike

Hi

We have also paid a 25% deposit into an escrow account for an apartment in phase II of The Orchard.  Just wondered if your solicitor thought there was any chance of recovering any of these funds?

Ange

[dario]

Are you sure it was a real escrow account?

[Missizippi]

and how can we verify the validity of an escrow account? Is it one recommended by the lawyers? and how do you know that the lawyer is genuine and independant?

[JamesLou77]

I have now received a response from Robert Jenkins

Robert states that the main issue is that their accounts in London are blocked as a result of complaints to the authorities about some developments companies in Bulgaria. Robert states that until the block is removed he can not return my funds that are held in the escrow agreement.

Is anyone able to confirm if there is any truth to this? or if a block would stop money being returned that is held in an escrow agreement?

James

[dario]

Well it's proof by definition that it's not an escrow account!

[JamesLou77]

I am under the impression that it is an escrow agreement and am aware of at least one other who has got their money back with the same agreement written by the same solicitor

On the assumption that this is a valid escrow agreement - is there anyway I can validate what RJ is saying is correct

[talljohn]

James, I too have an Escrow(??) agreement, with Berkeley Sqaure acting as the Escrow agent.  This is also for a 25% deposit in Orchard 3.  I have written to Smartpartners to get them to confirm that they have not received any funds, which they shouldn't have according to the agreement, as planning permission has not yet been obtained.  Can you let me know which email address you received a response from, as i would like to get hold of Jenkins throat also. 

For info, I had my Escrow checked through a independant Bulgarian legal company called SMT Legal.  Not sure how legit is it though.  Does anyone know how you check the legitimacy of an Escrow?

[Stan]

Hi All,
I am following the BD problems very carefully and especially the recent comments of Mr.Jenkin and proposed plans for helping.
Some people has asked in this forum how they can be sure that the escrow account is really an escrow. I will try to answer your questions by explaining you the procedure of opening such account.
1) When you open such account in a bank, you fill in special request with personal information.
2) Together with this request,  specimen of your signature is needed.
So, the firts important moment is to turn back in time and try to remember have you given a specimen of your sugnature to someone in connection with the opening of the account. If not, then we can not talk about escrow.
What Jenkin has said that the accounts in Uk are restricted by the authorities- I can tell you that no matter that they might be really escrow accounts, they can be restricted, because they are full of money that is not yours. Yes, from the moment the money entered the escrow account , they leave your balance and they are money of the other party ( Jenkin in this case), no matter that Jenkin and his developer failed to execute their obligations, which is normally needed for the release of the money from the escrow.

Also, if you have any doubts about the account- look at the contract ( it is a special ecsrow agreement), which you have received after the opening of the account.

If you have any questions you can always ask me or some other of my colleagues for free. We are independent lawyers working for a division of the National Office for Legal Help, formed in connection with all problem developers in Bulgaria.

Wish you luck!!

[dario]

Thanks for your help.

As with any account, be very careful that you do not give out account details to anyone else.

Common sense prevails,,,