Hi all,

Reserved on this development at the early entry price and was wondering if anyone had any updated news. it seems to have gone fairly quiet.
does anyone know how sales are going or when contacts will be issued

Have i read that correctly newkid - the early reservations were approx 12 months ago -have you not yet had your private purchase contract?

not yet wolfgang. i reserved in August so not quite a year. all i have granted so far is POA but no contract yet.

i noticed you had withdrawn from this location from a previous post but i decided to stick with it as everything was going smoothly and there was a nice price increase. i'm in no real rush tbh but was just wondering if any other buyers had heard anything.

i have also reserved in Morocco and that is snails pace also

In the first instance you need to go back to your agent.
I would also recommend you have it confirmed that the price at which you reserved is the price that will be quoted in the contract. With the current strength of the Reai there are very few developers in Brazil that can fix prices for such a lengthy period. At the very least i would anticipate they would apply an indexation increase to your reservation price.

hi wolfgang,

i signed a draft contract a couple of months back but no official contract.

the price is fixed at 75,000 euros.

can i ask what is the main difference between the draft contract and official contract.

at what point can a buyer renage on the sale. i have been informed by the agent that even though i have reserved only i can sell on at any point but there may be penalties in doing so.
As prices are rising in the area i intend to hold on to it

Hi Newkid

Firstly you cannot legally sell on a reservation contract becuase at this stage you own nothing. You own a contract once you have signed the private purchase contract and made your stage payment accordingly. Only at this stage can you do what we know as a contract resale. (ie sell your contract on)

The current purchase price for banana residential is R$310,500 (approx 115,000€). I assume your contract will state around R$203,000

What reason have you been given for not signing contracts todate? I have seen a very satisfactory due diligence report for this development and believe everything to be in order? Which agent are you using and which lawyer?

Thanks

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Marben, as i said i have only signed a draft contract and granted POA to my lawyers who are Manzanares. i have not began any stage payments.

the reason i have been given for delay is the granting of individual licences for each villa.

i wont divulge my agents as i dont see the relevance

Okay...well you definitely cant flip your contract on at this stage until you sign the private purchase contract and make the stage payment.

The licenses are granted already for some of the lots. Your plot must be in the second license application which i believe is still awaiting approval.

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Hi all,

newkid- Is it a reservation agreement youve signed or an actual preliminary contract??

As It sounds as if your only at reservation stages- where you ve only paid a reservation fee and signed a brief reseravation agreement??

The same at GNG We are all at reservation level but cannot proceed with contracts and first stage payment until licences are granted and we have been waiting since this time last year also!!

You also cannot flip unless you have a contract of sale and it is stipulated that you can flip it at this point anyway!!

Take care d

hi deedee, i have signed over POA in front of a notary in the uk. This was in English and Portuguese translation i have only paid 1000 euros reservation fee. i have not began stage payments.

does that mean i could pull away from the deal at anytime???

my reservation fee is non-refundable