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darren woodhouse
New Member
does anyone wat to buy a villa at banana residential for 100 000 euros due to personal problems and am not able to carry on with purchase
Yes i have an update, NOTHING! I drove by on my way to Taiba under 2 weeks ago, i stopped for a quick look at the site, much of the land is still not cleared but the little man made pond has been made, which is been advertised as the second lagoon it is built between. Sorry i cant add more.does anyone on the forum have any updates on Banana Residential. Almost totally sold out and work was due to begin in Febuary.
This msg is to all who is buying the property in Banana residential club/Brazil.
I just had some bad news from my lawyer in Spain regarding the builder.I have just stopped all the monthly payments from today in order not to loose any more money.I advise you all to talk to your lawyers asap before you take any action.
Dare I ask...is this what is known as "return on investment"??????????????
Two Villas Available at May 07 Launch Prices
3 Bed Detached Properties in Brazil
Current list price: 115,000 EUR
Limited time cancellation price: 75,000 EUR
As IPIN members may recall, back in May this year we launched The Banana Residential Club to you FIRST, ahead of regular property companies who managed to catch up only after a 15% price increase! Today, we are proud to offer you a limited opportunity to once again invest at the original launch price.
Due to original investors being unable to continue with their purchase, IPIN has secured the two villas in question at their original sale price of 75,000 EUR, in comparison with their still competitive current sale value of 115,000 EUR. This potentially represents an incredible 40,000 EUR additional return from your investment.
Dear Londonerinlove,This msg is to all who is buying the property in Banana residential club/Brazil.
I just had some bad news from my lawyer in Spain regarding the builder.I have just stopped all the monthly payments from today in order not to loose any more money.I advise you all to talk to your lawyers asap before you take any action.
Hello Digg,Dear Londonerinlove,
A few weeks ago I received an email from the developer stating that due to finances the development was no longer going ahead. I spoke with my lawyer in Spain (I assume you have the same lawyer as me, recommended by IPIN),Made for Agents & IPIN also who confirmed this. Clearly this set the alarm bells ringing as I had paid my 20% downpayment and a number of stage payments. I also learnt at this time that only a number of plots had reached contract stage (not all),mine included.
I have been reassured that I will not loose any of my money and that a number of options would be available - retain plot, sell plot or retain & build (with another builder). I have however stressed that I wish to have all monies reimbursed. This was now nearly 2 weeks ago and I have not heard anything.
Is anyone in a similar position? - I would love to hear from you. Clearly those wishing to buy - DON'T!!!!!
Yours truely, WORRIED.
Hi Bhupesh,Hi,
I've got a reservation on the Banana Residential resort and have recently received the Power of Attorney document from my representatives, Manzanares.
I got the document last week and was a little alarmed at how wide reaching the power was, particularly in terms of purchasing/selling any property in Brazil (as opposed to the one on Banana specifically),being able to open and close bank accounts, mortgages etc. My UK based Notary was also a little surprised at how wide reaching the power was. As I understand it they can't actually excercise any of the powers without written consent from me anyway.
I've never signed a Power of Attorney before and so maybe I'm being a little too alarmed. Has anyone else appointed Manzanares and is having similar concerns? Has anyone had any changes made to the document or have you just accepted it?
regards
bwag
Dear Londonerinlove,Hello Digg,
It seems like we do have same lawyer in spain recommended by IPNS. I had e-mail from the directors office couple of weeks ago requesting for all the transfer notes for all the payments I have made so far to verify .I have e-mailed them all they requested cc to the lawyer too but I have not heard since. The lawyer said to me that he was waiting for more info from the builder as to how they are going to settle this issue. This was two weeks ago. I too would like to get all monies reimbursed . I was new in this off plan purchase game so I did not understand that things would go wrong like this .I hope our lawyer has made sure that our money would be protacted fully in case of any problem like we are in now. I will call the lawyer next week and try and findout the situation .I will keep you posted.
From,
Londonerinlove
Dear Londonerinlove,
I too received the same email requesting copies of bank transfer notes confirming what monies I have paid to date. These were duly sent. When I spoke to my laywer and Made for Agents (are you also in contact with this party?),they explained to me that the plot was now in my name and the option was to retain this plot and sell it or retain & build on it. I have however stated that I wish to have all monies reimbursed but if worse comes to worse then I may consider these options (getting some money back may be better than getting none at all). What these people don't seem to realise is that we have signed a contract which is quite specific in terms of rescission of the contract and recourse available to us as buyers (detailed in Item 6 Penalties of the Contract - assuming you have the same contract). I am not however pressing this at this stage as I don't want to rock the boat - I just want all my money back. I think what we (& others in the same boat) need to do is keep on IPINs, Made for Agents & our lawyers backs and get them to force the issue - I do not want this to be dragged out for months on end.
I have bought other off plan properties and this is the first time this has ever happended. Fingers crossed all will work out in the end.
Unfortunately, I don't think our lawyer had the power to protect our money - our recourse is the contract & the terms conatined therein.
I too will speak to my lawyer next week for an update - I will keep you posted.
I WOULD APPRECIATE IF OTHERS IN THE SAME SITUATION COULD CONTACT ME USING THIS FORUM - WE WOULD BE IN A STRONGER POSITION WITH MORE DISGRUNTLED PURCHASERS!!!!
Dear Londonerinlove,Hello Byadv,
I has e-mail from the lawyer requesting payment of 150 euro + cost to file a claim to the promotor of Banana Club to returm the money paid regardless of what happens to the project due to long delay . I have duly paid the sum and wait the response. You mentioned that the plot is in your name now and you can sell it or build on it .My only concern is that the plot of land is only worth something if the whole project goes ahead as planned. No body will rent the villa if there are only handfull villas on site and security would be a major problem . Let us hope we get all the money refunded and call this a bad experience.
Please post any update on any new development on this subject.
Regards,
Londonerinlove
Anybody thinking of pulling out of their reservation, could you put the villa numbers you reserved up on the forum (not if you´ve gone to contract). There are a few people sniffing around for the prime units - either East facing in Q1 & Q3 or end units on Q2.Londonerinlove
i have withdrawn from this development
i have only paid 1000 euros to the lawyers and am awaiting PropertyShowrooms getting it refunded.
when i informed PS that i no longer wished to proceed with the purchase they told me they would contact the lawyers to get the refund
think Banana is dead in the water
Dear Newkidontheblock,Londonerinlove
i have withdrawn from this development
i have only paid 1000 euros to the lawyers and am awaiting PropertyShowrooms getting it refunded.
when i informed PS that i no longer wished to proceed with the purchase they told me they would contact the lawyers to get the refund
think Banana is dead in the water