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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
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PAUL-brasil
New Member
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.
Regards
Paul
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newkidontheblock
New Member
darren, how can you sell on when there have been no contracts issued yet
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Londonerinlove
New Member
Urgent Msg :Banana Residential Club
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.
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.
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PAUL-brasil
New Member
Hi Londoner,
So whats the bad news?
This development has being threatening to start for over a year, but still nothing even though all enviromentment licences are in place (which is mostly the biggest battle). I had this conversation with property showrooms a month ago, to see if they actually knew anything, as i was trying to find out for another member here, they seemed positive that it was now due to start before the end of Oct and even back it up with a follow up letter. I posted the remarks about it on the other Banana Res thread at the time as I also visited the plot again and took many photos.
Why they still havent started the houses construction i do not know, personnally I m guessing thats its being due to some legal battle with someone trying to claim the land, even though the developer has clear titles. But in its defence, they had built the club house and 2nd lagoon, and maintained the football pitch and lawns.
BTW, I m certainly not an investor of this project, but I live close by so I keep a valid interest.
Regards
Paul
So whats the bad news?
This development has being threatening to start for over a year, but still nothing even though all enviromentment licences are in place (which is mostly the biggest battle). I had this conversation with property showrooms a month ago, to see if they actually knew anything, as i was trying to find out for another member here, they seemed positive that it was now due to start before the end of Oct and even back it up with a follow up letter. I posted the remarks about it on the other Banana Res thread at the time as I also visited the plot again and took many photos.
Why they still havent started the houses construction i do not know, personnally I m guessing thats its being due to some legal battle with someone trying to claim the land, even though the developer has clear titles. But in its defence, they had built the club house and 2nd lagoon, and maintained the football pitch and lawns.
BTW, I m certainly not an investor of this project, but I live close by so I keep a valid interest.
Regards
Paul
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k1elec
New Member
Londonerinlove what is the problem and when did you start making payments as far as i know no one else has started making payments on the development as yet who are you buying the property from direct from the developer or through a agent
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Londonerinlove
New Member
Hi,
I did buy the villa thru the agent in Spain. I appointed Lawyer in spain to process the purchase and have been paid 20% last year and then monthly installement for a year .and finally 50% was due next year.Those people who have bought the villas must have heard from your Lawyers the problem we are in with the builder.As I said, I have been instructed to stop all the payments till the problem is resolved .Simply, they are unable to proceed with the build at the price they were sold for.So guys, let me know if you hear any more news and I will do so as well. Also did anybody else have been paying any money for their Villas so far?
I did buy the villa thru the agent in Spain. I appointed Lawyer in spain to process the purchase and have been paid 20% last year and then monthly installement for a year .and finally 50% was due next year.Those people who have bought the villas must have heard from your Lawyers the problem we are in with the builder.As I said, I have been instructed to stop all the payments till the problem is resolved .Simply, they are unable to proceed with the build at the price they were sold for.So guys, let me know if you hear any more news and I will do so as well. Also did anybody else have been paying any money for their Villas so far?
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Dotty
Banned
Dear Lononerinlove,
There are several purchasers on this thread,but way back in 2007 were the warning signs.I hope it works out for you in the end.Several people bought these without a visit to Brasil ,but Golfingworld used his perception once again ,yet low and behold more people purchased them.
You need to post 5 messages to email other purchasers who you can chat with.
Hope this helps and good luck
There are several purchasers on this thread,but way back in 2007 were the warning signs.I hope it works out for you in the end.Several people bought these without a visit to Brasil ,but Golfingworld used his perception once again ,yet low and behold more people purchased them.
You need to post 5 messages to email other purchasers who you can chat with.
Hope this helps and good luck
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newkidontheblock
New Member
Londonerinlove
cant understand why you have began making payments. i have also appointed lawyers in Spain but have only granted POA and have never seen or signed any contract and have never been asked to make any payments.
have you signed a contract ????
i reserved over a year ago and im on the verge of pulling the plug on this if things dont move quickly
cant understand why you have began making payments. i have also appointed lawyers in Spain but have only granted POA and have never seen or signed any contract and have never been asked to make any payments.
have you signed a contract ????
i reserved over a year ago and im on the verge of pulling the plug on this if things dont move quickly
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andyk2
New Member
Another bite of the Banana
The Banana Club sure has had it´s setbacks, but I believe it is now all systems go for the building work to re-commence and contracts to be signed. There should be a letter going out to people who bought from IPIN later this month and then a "re-launch" towards the end of October. Prices will be BR$ 299.000 (about €100.000) so for anybody who reserved at the original price of €75.000, that´s not a bad capital growth when you have not yet had to pay anything (and Londoner - who the hell have you been paying money to).
I heard about 30 deals fell out of bed because of the delays, so some of the prime positions may now be available (south facing or by the west lagoon). Speak to your agent if you want to reserve a better unit than you may already have. If s/he doesn´t know - maybe you better speak to me!
Happy Investing
Andy
The Banana Club sure has had it´s setbacks, but I believe it is now all systems go for the building work to re-commence and contracts to be signed. There should be a letter going out to people who bought from IPIN later this month and then a "re-launch" towards the end of October. Prices will be BR$ 299.000 (about €100.000) so for anybody who reserved at the original price of €75.000, that´s not a bad capital growth when you have not yet had to pay anything (and Londoner - who the hell have you been paying money to).
I heard about 30 deals fell out of bed because of the delays, so some of the prime positions may now be available (south facing or by the west lagoon). Speak to your agent if you want to reserve a better unit than you may already have. If s/he doesn´t know - maybe you better speak to me!
Happy Investing
Andy
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byadav
New Member
contracts cancelled
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.
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.
L
Londonerinlove
New Member
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
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Londonerinlove
New Member
Hi Bhupesh,
Yes I have same lawyer dealing with this purchase .Yes I have signed Power of attorney but I was recommended by my Notary to put the time limit to such power till year 2010 after which it expire. But I guess we have other problems to worry about with the builder which I think you must have known from your lawyer.If you hear any more info please keep that posted for all those who are interested.
Regards,
Londonerinlove
debzor
New Member
For those not in the know, here in Brazil there are 2 types of Power of Attorney, as described by Brazilian law.
The first is a private PoA, between two parties and the signatures are simply notarised at a minimal cost. Typically this will cover someone acting on your behalf to, for example, deal with suppliers or builders, pay utilities, etc. This will not allow someone to buy and sell property on your behalf, and costs less than R$3 in fees and taxes.
The second is a public PoA. This does give power for someone to buy and sell property (for example) on your behalf, but you must appear before a public notary of your own free will for him to witness that there is no external pressure on you to sign this. It also costs much more - around R$120.
Typically in both cases the PoA will expire on your death, or on a pre-determined date stated within the PoA, or you can withdraw it.
For a PoA to be valid in Brazil it must be in Portuguese, or be an authorised translation of a PoA from another country already legalised by the Brazilian Consulate in that country. Anything else is not legally recognised in Brazil.
The first is a private PoA, between two parties and the signatures are simply notarised at a minimal cost. Typically this will cover someone acting on your behalf to, for example, deal with suppliers or builders, pay utilities, etc. This will not allow someone to buy and sell property on your behalf, and costs less than R$3 in fees and taxes.
The second is a public PoA. This does give power for someone to buy and sell property (for example) on your behalf, but you must appear before a public notary of your own free will for him to witness that there is no external pressure on you to sign this. It also costs much more - around R$120.
Typically in both cases the PoA will expire on your death, or on a pre-determined date stated within the PoA, or you can withdraw it.
For a PoA to be valid in Brazil it must be in Portuguese, or be an authorised translation of a PoA from another country already legalised by the Brazilian Consulate in that country. Anything else is not legally recognised in Brazil.
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byadav
New Member
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!!!!
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Londonerinlove
New Member
E-Mail from Lawyer
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
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
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byadav
New Member
Dear Londonerinlove,
Many thanks for your reply.
I too have just paid this sum to our lawyers for them to send the developers an official letter requesting reimbursement of all monies. We can only wait now and see what happens. I did however get a response yesterday from the developer to an email I sent - he stated that they are waiting for the lawyer/ administrator to complete their studies and it should not be much longer.
I apologise if I gave you the wrong information but the plot isn't actually in our name (as confirmed by our lawyer) - they are in the name of the developer - we own nothing. You are correct however with your statement about it still being worthless if we do acquire the plot & build on it - this is why we must press for all monies to be returned.
Should the worse comes to worse and we get nothing back, would you consider going to court? This will obviously mean outlay of further money! I have asked our lawyer if we can bring a class action against the developer and I am awaiting a reply.
Are you still in contact with Made for Agents or IPIN (PropertyShowRooms)? The former have just contacted me saying they are now basically washing their hands of the matter. The latter haven''t even bothered to reply to any of my recent emails.
Please keep in touch (my personel email address should you wish direct contact not through this forum is [email protected]).
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newkidontheblock
New Member
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
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
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andyk2
New Member
What villa number(s)?
With the jobs that the oil refinery is going to bring and the lack of adequate accommodation in Cumbuco, this project is going to turn into a good investment rather than just being a lifestyle purchase.
Also, just spoke with M4A and they are NOT washing their hands of the project. If you are an individual who has got fed up waiting for the development to spring to life and want to walk away from your €25.000 instant profit, please let us know which villa(s) you reserved and give somebody else a chance!
Thanks,
Andy
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.
With the jobs that the oil refinery is going to bring and the lack of adequate accommodation in Cumbuco, this project is going to turn into a good investment rather than just being a lifestyle purchase.
Also, just spoke with M4A and they are NOT washing their hands of the project. If you are an individual who has got fed up waiting for the development to spring to life and want to walk away from your €25.000 instant profit, please let us know which villa(s) you reserved and give somebody else a chance!
Thanks,
Andy
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byadav
New Member
