salama valley fez contracts

[JA35]

Hi

Is anyone buying on salama valley fez, and is there any issues with the contracts your not happy with? on the marakech thread the talk is that the 9 year buyback and rental backed by axa are not what they seem !

I am now waiting for the contracts to arrive with the buyback and rental info,
all others arrived a few weeks ago but not these.

Anyway any feedback on this development would be appreciated.


Thanks

 

[Sunnyshores]

Hi - I'm waiting for my contracts on the Marrakesh Gardens of Fedela. I understand that the buyback and rental guarantees are for 2 years only - then something about the management company needing to be formed or reformed - then a further 7 years.
Will let you know exact details when I see the contracts.
SS

 

[JA35]

fez contracts

Hi thanks for that SS, I shall do likewise if mine arrive first, being translated so i have been informed. Wont be very happy if the rental and buyback are not what was promised! hopefully the reforming is a quick and painless process .

Have had leaseback,reservation and booking agreement contracts sent couple of weeks ago, seem ok but will get them looked over when others arrive . any advise on a good law firm for this? agent advised that on this deal the notary could take care of everything as they were involved in other "gardens of fadela" and would save expense , but I think I would like to sleep at night!

J

 

[Sunnyshores]

My agent has recommended Live Overseas, apparently they have dealt with GofFed before too.

Advantage is they are in London. (having dealt with a lawyer in the foreign country I was buying in before this is not to be underestimated!). Disadvantage is I think they are expensive at an all inclusive price of £8000 about 5% of purchase price (pp):
Lawyers £1100
Stamp duty (2.5% of pp) £3400
Notary (1% of pp, or min of £1725) £1700
Notary taxes (0.5% of pp) £690
Registration fees (1% of pp) £1380
power of attorney £150


What price have you been quoted using just a notary? Anyone else have quotes from lawyers ?

 

[JA35]

Total price for legal fees- 5% that is 7,450 euro .

With lawyer another 1,400 euro which is with " live-overseas" very popular it seems!

Expensive but as they are local for me and have dealt with the developer before it could save alot of headaches, would be interesting to hear from anyone who has used them before.

I know most people would not advise useing a lawyer recomended by the agents, but it would make sense as the agent has a good track record it seems, any thoughts on this one?

Thanks.

 

[Sunnyshores]

JA35 - 5% and £100ish seems to be the going rate then. I am expecting to see draft contracts this week - will keep you posted. SS

 

[Sunnyshores]

JA35 & Snappy
I've just received my Gardens of Fedela contracts (for Marrakesh),have you got yours yet for Fes ? I understand all GofF contracts are much the same.