Solicitor to check over contract

[sabrina]

What about planning permission and bank guarentees? Is that all in place?


What else does it offer apart from tennis courts?

Sab

[davmel]

Hi All,
I have been given a comprehensive list of expenses by my legal guys;


Droits de la conservation fonciére” *Land Registry Fees, this is an expense that is paid to the Government(Land Registry Agency) in order to register the property in the Land Registry Office. €896.77

“Droits dénregistrement” *Registration fees paid to the Registry Office. €2,241.93

“Taxe Notariale” *Notary´s fees. The signing of the Title Deeds must be done before a Moroccan Notary, these are the fees paid to the Notary Association. €448.38

“Honoraires du notaire” *Notary´s charges. Are the fees paid to the Notary himself for his own work and assistance. €896.77

Legal fees (purchase) €1,500.00
VAT on legal fees *16% on legal fees €240.00

Power of Attorney €300.00

Bank commissions €300.00

Searching Costs * Registral-Company information and documentation €100.00

Total Purchasing Costs €6,923.85

While the amount is within my estimate i will query;
commission
power of attorney
Moroccon Notary costs


Would be interested in anyones comments as to how to avoid any of this.

Rgds
Davmel

[romablade1889]

Thanks for this. Very useful.

One note, UK citizens don't pay VAT on legal fees for a transaction outside of the UK. I assume as you quote VAT at 16% you're Irish based anyway...

Cheers

[davmel]

Romablade,
Will certainly try to avoid the VAT if possible. Does anyone know if they legal costs payable to a lawyer in Morocco are government "Tax" or if they are both negotiable?;

“Taxe Notariale” *Notary´s fees. The signing of the Title Deeds must be done before a Moroccan Notary, these are the fees paid to the Notary Association. €448.38

“Honoraires du notaire” *Notary´s charges. Are the fees paid to the Notary himself for his own work and assistance. €896.77

Seems a shame to pay two fees in Morocco and anoter laywer.

Rgds
Davmel

[peejay]

I am now thoroughly confused. We have received quite a lengthy (and legalistic) report from our solicitor about the contract, most of which seems to say that we shouldn't sign without loads of alterations - similar to other earlier posts. We have contacted the solicitor to ask whether he was dealing with Fadesa on our behalf to get these issues addressed and he says that he has met with Fadesa and they state that it is a standard contract and are not prepared to change it. However, he also says that Fadesa are a well established developer and intend to do lots more developments in Morocco so are unlikely to do anything bad to upset their purchasers.
So we seem to be at a stalemate. We want to buy our apartment, but don't want to sign the contract without the approval of our solicitor - rather than his 'gut feeling'. I am beginning to wonder why we bothered to pay for legal opinion in the first place.
What experiences have other people had with their solicitors? Has anyone signed the contract as it stands?? Please - advice - anyone????

[ScottieDog]

I am thoroughly peed of with my solicitor. Sent the documents off a couple of weeks ago, cashed my cheque pretty quickly, several phone calls and emails later and I still don't know where they are with my contract, what the action plan is or when I'll get an update. I have yet to actually have a conversation with appointed solicitor as he is always in meetings or not available.

Grace and Co in case anyone is wondering....

At the end of the day, I would consider it highly unlikely that every change we would wish to make to the contract would be made. There will be some issues that will be deal breakers and some that will not. This line will be different for most people - its a matter of how much risk you want to take.

To me, the biggest risk currently is that I don't know what I am buying (as the revised plans are not available) and there's no bank guarantee in place (therefore if Fadesa go belly up, we don't get our money back). Having said that, what's the chance of fadesa going bankrupt - they have been taken over by a larger company recently...

SD

[Pinky]

Chances of Fadesa going belly up are slim, but with respect the moroccan building side could be run under a smaller part of the same company, thus enabliing them to liquidate the smaller company if there are problems. There is always that chance !! I have sent copys of my solicitors report to Fadesa and had no reply. I think it is just rude of them to ignore letters and emails !! What a way to do business!! I think we should just hold hard untill these issues are addressed, surely they will have to come up with something if all the buyers do not sign ???

[ScottieDog]

Do we know of anyone who has signed?

My agent has secured an extension to the end of this month for my contact

[mcneilee]

still not received a contract so strange they tried to make other people to sign their's . I feel sorry for the office workers must be getting a lot of greif from cleints like me cos you just don't now whats going on . fadesa has made a rod for their own back on this one

[shak]

I am just agahst at you all. How badly do you have to be treated to realise who you are doing business with.

No wonder Fadesa behaves the way they do with buyers like you around !!!!!.

If your solicitor is telling you something in a legalistic manner urely you must respect this, if not why have you emploed him/her ???

Remember how big Enron was ? besides wether they go belly up or not, you would not even buy grocery without knowing what you are buying.

Why would you buy such an expensive item and dont even know what you
are getting for it. In some cases you may be putting your life savings in other cases a mortgage for life time.

I would like you guys to read my previous postings and form a fresh opnion on them

[ScottieDog]

We're not buying Fedesa, we are buying a product from Fedesa. Sometimes you put up with the seller if you get what you want. Especially when its a one off purchase.

Shak, I'm not dismissing what you're saying, just putting it in context.

As I said, I'm not committing to anything unless the risk is acceptable to me

[Pinky]

I agree with scottiedog, as long as Fadesa come up with the legalities on paper as my solicitor has pointed out things will be rosey. But we cant sign untill what we are purchasing, is written in black and white. Patience is a virtue, but Fadesa need to hurry up and communicate with its prospective purchasers!!

[fandango]

Some musings from the mind of fandango........

On the whole Fadesa have a lot of very happy customers (I know there are some exceptions Shak......) I can't believe that Fadesa have become the HUGE company they are on the strength of writing dodgy contracts.

If people don't sign the contracts as they stand, surely the next bunch of punters will also refuse to sign when faced with the same contract?

People cannot be expected to sign up when there are such glaring omissions. As such I think I would be inclined to hold fire and see what happens (difficult I know).

By the way, are the people being threatened with a deadline buying in AP1? The reason I ask is because I am (hopefully) buying on AP4 and I haven't even received a contract yet. I think this is because the plans for AP4 are not yet available.

I hope for everyone's sake that this is sorted out soon. It reminds me of one of those stand-offs in a Sergio Leone western.................

OK maybe not.

Regards, fandango

[shak]

People who bought in Marbella did not buy Costa Esuri, but there was new set innocent buyers, people who bought in Marbella/Costa Esuri did not buy or will not buy in kabila but there you a net set of buyers. This is how Fadesa grew.

While, there are new people falling of the convayor belt into the laps of Fadesa let the gravey train run on.

[davmel]

Hi All,
Before we lose the plot (so to speak...) let me share with you recent legal opinion;

a) Owner of the plot is a morocco company whose major partner is Fadesa. (No surprise & No reason to dispair)

b) We are about to realize the searching of the property including both the plot and promoter company. As soon as we receive the results we inform you.

c) According to the contract, the guarantee will be received later (approximately 60 days) since signing the contract, as it is necessary that the promoter pays in the funds onto the corresponding account in order to receive the bank guarantee. This process takes approximately 60 days. => I will clarify what protection we have in the interim 60 days.

e) Common areas like swimming pool etc => We will consult with the promoter to provide us this information.

f) Resale => We will consult with the promoter the possibility to include this clause into the contract.

g) Clear Title =>This clause will be included into the contract.

h) Water & Electric => Contracting of these services is my responsibility,however the promoter has to sell the property with these facilities able to be contracted.

i) Completion date => When you receive the contract, you can revise its content and all further questions

All i can recommend is that we continue to follow legal advice and get some answers. There will be risks, but this was aways going to be the case.
Rgds
Davmel