So why all the worry about deposits if GS Spain and GS Brasil are 2 different companies ?There has to be a rollerball effect if you owe such a vast amount of money.

Are you suggesting that if a company in Spain can't cover their debts that a company in Brasil should have to pay the debts for them?

And all the "worry about deposits" are coming from people who aren't and weren't involved in the reservation process and are speculating as to the "poor investors" - aka you have been showing more concern than anyone I know of on the forums that had anything to do with it.

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Yes, I work for a Real Estate company doing market research and analysis but I'm not involved in sales.

Have a nice day

Dotty

I would love to be able to post the entire reservation contract here but for legal reasons i am unable to.

The points are as follows:

1. The contract is between the buyer and Sanchez Spain. Monies were paid into their Spanish Bank Account.

2. The Contract is written under Spanish Law and quoted to be created in Manresa (GS Spanish HQ) albeit "on behalf of" entity RN BRASIL INVESTIMENTOS IMOBILIARIOS LTDA. The remainder of the contract is between GS Spain and the buyer.

3. The bank guarantee is backed by Barclays Spain.

The main point however is that as per EVERY other posting over the last 2 weeks from me regarding this issue. NO the clients cannot just claim their refund NOW. They have to wait until the contracts expire and GS breach the contract by not obtaining the license. It is irrelevent as to whether the contract is with GS spain or GS brazil.

Repeating myself yet again!!!

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I don't think it is as simple as that...as what happens if GS go into Liquidation, but the owning Company in Brazil obtain a License? Are you seriously saying that a major Bank, be it Barclays or anyone esle will say, "oh well it din't work out, you can all have your money back"? I think you are having a laugh, the machinations are with any debt that possession is nine points of the Law and in effect a bank will say that they have costs associated with this isse and so you can only have so much in the Pound back..i.e 25%.

This is all the more reason why the buyer of offplan should beware, as what become clearer here (as mud is) is that whoever these poor investors paid their money to, were not the actual people with the assets and there seems to be a series of intermediate contracts and agreements. Put it like this, would you buy a home in your own country but not knowing who actually owns it? The answer is no, so why be so stupid as to do it 5000km away?

When banks don't honour bank guarantees they have to be failing, there is a reason they are called guarantees after all, and I don't think Barclays is failing.

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Brazil Property | Pipa Brazil | Property Investment in Brazil | Guide to Pipa

Once again, one paying monies in Europe to buy a property in Brazil. I seriously wonder if these monies would've been registered with banco central in the name of each and every purchaser if/when the monies were sent to Brazil.

Besides the above forementioned problem in regards to paying monies in Europe for a property in South America, but if/when the need arises to take any sort of legal action where do you go? Enter the court in Europe? The property is in Brazil. Enter in Brazil? The money was paid and accepted in Europe. This is one of the big problems that people have had buying properties in Brazil but making payments to an entity outside of Brazil when/if one has to take any type of judiciary action and that's jurisdiction, not to mention, as GW has stated, all the middlemen involved.

There have been those (supposed developers) that have came to Brazil specifically to scam others and this is exactly what they do (not saying that this is the case in regards to Sanchez). Have agents sitting in Europe that accept monies on their behalf, then the agents send the monies less commissions to them in South America, and then when the problems occur it's nearly impossible to hold them (the so-called developers) responsible in a court of law here in Brazil.

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www.mjrdevelopments.com/ www.rosegardenbrazil.com

Hi all,

Just received the latest info from my agent for GNG!!

Apparently the final licence and payments for land etc due were achieved last week and they are expecting GS to issue investors with formal info on the situation etc in the next week!!

Copies of the licences and land ownership etc are to be forwarded to agents to ensure that the investors get copies of these along with the contracts etc!!

They are expecting contracts to be issued mid may time also!!

They have stipulated that GNG is so far only the 3rd golf/large project in brazil to date to gain FULL LICENCES AND BUILDING PERMITS!!

They explained that the hold up was primarily due to the ENVIRONMENTAL LICENCE being granted as they had lots of hurdles to overcome as to ensure minimal environmental impact is achieved as much as possible on this project!!

DO NOT TAKE THIS FOR GOSPEL AS IM ONLY REPEATING WHAT I HAVE BEEN TOLD TODAY VIA E-MAIL!!

Take care-D

Everyone should confirm that they indeed have ALL licenses and confirm the licenses themselves....that they are indeed final.

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So DeeDee...you sound pleased with this news. Will you be happy to hand over even greater sums to GS ?

Hi all,

NOT TOO SURE ABOUT THAT YET??

Well see what pans out the next few weeks??