Call from Fadesa

[ScottieDog]

Ok - just had a call from Fadesa. They are pushing me to sign the contract TODAY (due to year end and auditing requirements due to the takeover).

They are basically saying that the only official document in place at the moment is the land ownership. Planning applications, bank guarantees, architect plans etc. are all in progress but not available.

In a nut shell, sign and take the risk but get a good price. Wait until everything is in place but pay more.

They were actually ok on the phone, seemed fairly open and matter of fact. They realise that this has been a cock-up and apologise - I also suspect that the take over has not helped....

I'm pretty sure my decision will be no, as I feel very disconnected from what is going on.

[Pinky]

My solicitor and Agent has called saying the same thing. Fadesa will still not budge on her requirements. I will not be signing! Fadesa has had since October to sort out these requirements with my solicitor and wait till the last day to communicate ! Ridiculous!!

[ScottieDog]

I have now talked to my solicitor and he has basically said that the contract is not binding, so if we did sign, it would mean very little anyway. It is illegal against Moroccan law. Also, if we paid the deposit, then as the contract is not binding, we could still pull out at any stage until the contract complies with Moroccan Law. So to cut a long story short, if you want to buy more time - pay the money and wait for a decent contract. His experience is that Fadesa will pay the money back should you wish to pull out before a binding contract is on the table. They are not into screwing individual investors.

I'm going to sleep on it. I may find out tomorrow that I have lost my allocation and that it has been sold to someone else at a 30% increase - fair enough! I'll survive

[azul]

I've received emails, from Fadesa, wanting an additional monetary commitment, by next week. I've asked to be sent a contract, for lawyer review and they have sent me everything but a contract.
Plus, they still do not even have planning commission approval, as of yet, not to mention they can't or won't provide 75% of the basic documentation requested when purchasing a property. What is up with Fadesa's business ethics?
The way I see it, there are too many more desireable off-plan properties, on the market, in Morocco.
It seems my money can be tied up for years and there is no guarantee, at this point, that I will be able to recoup any money should it fail. Seems to me they don't want you to sign, so they can put the apartments back on the market, for a higher price. Anyone have any additional thoughts?

By the way, every contract you sign can be binding, according to the guidance that I have been given.

[mcneilee]

the prices should be lower since it was priced as low risk bank guarantees big company ect . Now that it is clear their is a higher risk now price should reflect that.

[hello]

Typical fadesa- pressure on when they want a signature- let other people buy the product at 30% more, I find it unlikely anyone else will considering the huge price hike, awful contracts, no bank gurantees or planning permission, there are other developments around that carry similar and cheaper risk! let them be lassez faire with their own money, I've worked too hard for mine!
________
Hot box vaporizers

[Jason]

Grace and Co in Warrington are advising their clients to send their deposit but not the contract. They require changes to it but they cannot be too great otherwise why advise their clients to send their money . I spoke to Fadesa yesterday, a guy whom I had spoken to previously and he was explaining whats happening re: the increases an also explained why some fo the problems had occurred . I do not think Fadesa have covered themselves in glory by any means but also feel they have been over criticised in some quarters. A lot of people on this forum experienced the problems with Playa Vista and the so called developer pulling the strings there, this to me is totally different. Fadesa have made a lot of mistakes, mainly on the PR side but I am more than confident they will come through in the end.

[Pinky]

Seems double dutch to me. Why send your money if you cant be sure what your buying?? You wouldnt give a car dealer your money if you couldnt see the car or even have details what spec the car is would you ?? Sounds like Grace and Co are putting the Cart before the Horse. CBA have advised me not to sign until the extra information is received. Why cant Fadesa provide title deeds to prove they own the land?? I have also been told that this contract although not legal in Morroco could be legally binding in spain. So be warned!!

[azul]

I agree. The original advertisement for purchasing, at Alcudia, was 2000 or 3000 deposit, (reservation) 15% down at contract signing and then installments or full payment, upon completion.
I'm unable to even obtain a contract from Fadesa unless I can commit to pay them more money, by JAN 16th, yet they have no planning permission, so legally how can they even issue a contract? What I am having a hard time understanding is how they can even ask for more money? For what, a good idea? What am I missing here?

[1frenchy]

The program was anticipated in the sale, it does not exist in France or in Morocco.
Your cancellation will make the happiness of a big waiting list.

[wheresmyjacuzzi]

The program was anticipated in the sale, it does not exist in France or in Morocco.
Your cancellation will make the happiness of a big waiting list.

With bigger Mortgage repayments following the increase in interest rates yesterday

[CARLYWOO]

I am with Grace and Co and sent just my money as advised with a covering letter explaining there are issues in contract and that will be forwarded when resolved and in the meantime as I was still keen to go ahead please accept my deposit as security for my apartment. I know someone who was on the waiting list and this money they got a call with a list of about 6 apartments that had come available at a new price. my agent la Luz is out there this weekend so hopefully will have feedback after that but i had no worries sending money and with not sending a contract with it the money will have to be returned if I decide not to go ahead which i doubt I will pull out anyway

[sabrina]

Carlywoo,

How can you be sure that you will get your money back if you change your mind. I do not think Fadesa will change anything in the contracts.

Sabrina

[romablade1889]

I've cancelled my reservation and asked for my cheque back..

True to form, Fades then sent me two forms to sign, in French, in their words to affect the cancellation. Turns out one of the forms is an instruction to actually proceed with the purchase. Good job I had sense not to sign...

Good luck with your purchases. I'll keep an eye on the forum to see how things are progressing. I think you're onto a good investment and got in at the right time. However, I wasn't pleased with my allocated apartment and I don't trust the developer so I've decided to invest in another equally attractive opportunity with a more trustworthy developer.

If Fadesa deliver you'll all be quids in and I really hope you are....

Best wishes.

RomaBlade

[mcneilee]

well called them yesterday & found out that i hav'nt been given a allocation yet so if you hav'nt received a contract it is possible you hav'nt been given a new allocation.
might find out on monday

was told it's not good or bad news but i think it's going to be bad

romablade1889: thought you had cancelled wish you all the best in your next purchase may it be alot easyer