help with this

went to spain this weekend to complete on my property at Desert Springs and dicided to go up to ACC to see if anything had changed - i have a Donana reserved on phase one - sadly nothing had changed.

our independent solicitor (recommended by several people who have already successfully purchased property in Spain) that we used for the Desert Springs purchase, did have some speculative comments regarding ACC -

• were Paradors legal representatives actually solicitors
• would the builder - if and when building starts increase the purchase prices to compensate for the lost money
• were Parador on the verge of financial problems
• forthcomming elections would likely have a significant effect on ACC and the progress of the licences

please note that this solicitor has some clients who have money tied up in ACC (who were advised by them not to purchase there due to issues with the licence) so is aware of current progress and possible further problems.

i know i us the work speculative, but i am in the process of sending my ACC details to the solicitor i used to purchase at Desert Spring who is going to look further into the current situation.

i get the feeling that as usual Parador just do not know what is going on at all - the builder is also very much at the mercy of the local government and also do not know what is going on.

please do not take these comments as scare mungery, these are simply what a very reliable source suggested on my recent visit.  i do think that it will happen (phase 1) and if the prices are honoured then there will be some real bargins to be had - but i do not think it will be in the sort term.

i will post any further information that the independent solicitors provides.

Hi Robski

Thanks for the update.  I would be interested in your solicitors take on the new info. recently placed on Huma's website  www.almanzoracountryclub.net (pages 3 and 4).

Mick

Hi blanchy

Anyone who has paid the 3005€ deposit (at least) is safe from any price hikes,  but there are those who have only reserved on paper (wouldn't or couldn't pay the deposit).  These are the ones who will find themselves exposed to any price hike.

Mick

I'm not sure that just paying the deposit to reserve a property gaurantees you a fixed price UNLESS the buyer /seller contract was signed.

How would buyers that have just reserved with a deposit,  and not signed the contract agreement , stand ?

i will be speaking with my solicitor in the next few days regarding my comments, to try to establish a more defined answer - these comments were expressed at a meeting at the notary between the solicitor, my new builder and my bank manager (who mentioned that his bank were the builders bank at ACC).

as soon as i have any further news i will post it on this thread.

Blanchy---I do not think you should have any worries about the purchase price you have agreed with Huma.

You & huma have both signed a contract for that price & my understanding is that after payment of the 1st installment of 25%  your contract is binding.The fact that Huma ran into problems with the Planning authorities is their responsibility .The only issue outstanding would be if they have now failed to deliver the apt or villa within the time specified in your contract  they should be liable to compensate you.

There can be no question of increasing the purchase price.However the position is not as clear for those people who have only paid a booking deposit of 3k.My understanding is that until the 1st installment of 25% is paid there is no binding contract in place for either party & you may have to rely on the 'goodwill' of Huma to now provide you with the apt/villa at 2004/2005 price....Good luck to those people in that position.

However it would now seem that for all of us who have patiently remained with ACC our wait is about to be rewarded as it now seems almost certain that the FINAL approval will be issued shortly & builders back on site in the very near future.

I would also lay very short odds on a substantial increase in price on all units in ACC when all those 'reputable' sales companies start advertising ACC again.

Those that have paid the deposit and signed the contract, but have not made stage payments, will be alright as well.  Under Spanish Law, a developer can not demand stage payments until all the paperwork is in place. 

Mick

Lester - I just paid a deposit in May 2005 and signed an agreement with Huma with a stated price so I had assumed this would be honoured when building starts. I  would be interested to know how you got your understanding that this may not be binding please?

I was at ACC yesterday and nothing happening - although cranes etc still onsite

Thanks

Mike

Ps (how do u get a usersame and password for huma?)

Mike,you may be right,I wouldn't really be that well up on Spanish law.

My understanding that the contract wasn't binding until FIRST payment was made came from statement on my contract  ''You have to bear in mind that the contract will not be a proper or a definitive contract until the first payment has been made''

This page has been signed by both ourselves & Huma representative..

Certainly in this country a booking deposit is just that & does not convey any binding obligations on the seller.we often hear the term GAZUMPTED(meaning the selling subsequently sold for a higher price) in cases where only a booking deposit had been paid.

However Mike for your sake I hope I am wrong or else you will have to rely on the goodwill of Huma.