Solicitor to check over contract

[shak]

A risk has to be evaluated in terms of its benefits.

[ScottieDog]

See other strands on the forum - basically, Moroccan Law says that you can't sign a contract or pay a deposit until the seller has finances in place and the build has reached first floor level.

This law was introduced to protect foreign investment

SD

[ScottieDog]

The risk I am prepared to take is around resale value and rental potential; not whether the development will be built or to an acceptable standard and within the law

[shak]

The risk I am prepared to take is around resale value and rental potential; not whether the development will be built or to an acceptable standard and within the law

CAN YOU PLEASE ENLIGHTEN US !!!!!!!!!!!!! IF THE DEVELOPMENT IS NOT BUILT. HOW ARE YOU GOING TO GET YOUR RENTAL OR A HIGHER RESALE VALUE TO WHAT HAVE YOU PAID FOR ? BESIDES IF ITS A POOR QUALITY THE RESALE AND RENT WILL BE AFFECTED ADVERSLY ??? .

[mcneilee]

It would be a bit strange if they did build it to a low quality since i was told that they where planning to build another development in around same area in two years. So all people would have to do is look at alkudia. They would just walk away so it would'nt be in their intrest too

just back from spain man it's f******* cold

[shak]

Commercial logic does not work with Fadesa. Romablade was also applying the same commercial logic until he found out.

You are talking about a development which will at a distance and in two years time.

Fadesa built in Gaudelmina ( Costa del Sol) the first building Edifico Larez which in in two years was in such a poor state that it was akin to an eastern european built standard /quality. ( no remidial work has been done by fAdesa despite of the so called 10 years guarantee) its an eye sore and a testement to Fadesa.

Fadesa than built another few buildings around 40 meters from Edifico Larez. It did not deter Fadesa at all.

Your Anglo saxon reasoning/logic does not apply when it comes to Fadesa.

[1frenchy]

Your Anglo saxon reasoning/logic does not apply when it comes to Fadesa
you are right,
the reputation of Fadesa is more important compare to the small programm
in alkudiasmir.

[1frenchy]

I BOUGHT AN APARTMENT IN AP1 AND I BELIEVE THAT I MADE THE GOOD CHOICE BY CHOOSING FADESA WHOSE REPUTATION IS HIGHER
FADESA IS A SURE VALUE

[hello]

Again I stress that Fadesa is a large multinational company and is by no way a con, however they are very unprofessional in their business practices, looking at their Azur plan development, they sold large amounts of land off (approx 12 plots) to one individual development company around 18 months ago. They have now realised that this company (obviously no due diligence was carried out on this new SARL) his mis-selling touristic land as residential and has not carried out a single bit of construction. They have now compromised their development and have served legal proceedings on them. Fadesa will give you great lip service and if you are willing to sit, wait, bang your head against the wall for the next 2 years then the risk maybe acceptable. Remember this company is acquiring a large land bank from the Moroccan government for a pitance (in Saidia they paid 1 euro sq m2), good margins alround, especially if they sell 80% of the devlopement off in one go!
________
HEALTH SHOP

[shak]

I agree they are no con and everything you said is true once the money is in you existence on this plannet will be denied.

For forum users who wants to know how Fadesa became so big one of the answer is the above postings

[davmel]

Hi all,
Given the way companies work (particularly in an Arabic society) then it's not unusual to have a foreign legal entity and a foreign business partner with a controlling interest. You never know but that we may end up with some royal connections................

I agree with the earlier comment that due diligence on the ownership of this company is key to us moving forward.

Has anyone got a lawyer who has progressed this?

Rgds
Davmel