I'm Looking for a 3 bed detached Property with access to a pool in the Quesada area for long term rent.

Hey all

Hope everyone is well.

I have a question about the contract from promaga, which I assume is the same as everyone else, apart from numbers and payment dates... has anyone received their contract in English? Mine is in Spanish.

I was wondering if anyone can help to explain what one of the paragraphs mean, namely Paragraph 4 (CUARTA), point (D), which starts "La cantidad restante..." and finishes "...sera satisfecha por el comprador en dicho momento".

Of course if you have a different contract then I understand.

Any other news on the development?

Hi,

Our contract is slightly different in that it doesn't have a Point D under Cuarta. However, our Point C is quite lengthy and it does have similar (although not exact) wording that you have.

The translation for our Point C is included below (I've blanked out the financial info - no offence):

            ***,*** Euros, the remainder, will be effective when the dwelling is completed and the corresponding Sale/Purchase deed made a public instrument, by means of the subrogation of the mortgage loan that the vendor has arranged with the banking entity BANESTO for the sum of ***,*** Euros, which must take place 20 days from the application for the licence of first occupation. The vendor will guarantee electricity and water of the works until said document is granted, after which time the interest of the Mortgage Loan will be paid by the buyer. The difference between the remainder and the amount of the mortgage, **,*** Euros, will be paid by the buyer via bank cheque made out to PROMAGA S.A.U at the time the public deed is granted.

Now, all of that is all well and good, but if you know what it means in "real" English, I would appreciate an explanation.

Cheers

John

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Hi

Well Not sure where to start....

I bought a flat in Vista Hermosa Phase 2 block18 and they told me it would be ready in December 2007 a whole year has gone by and I am still waiting.

I have paid over 40,000 Euros and they just give me excuses that its delayed cause of this and that.

I really think that instead of all of us complaining in this forum about our problems we should gather together with one assigned lawyer for all of us and take these F...ckers to court !!!

My lawyers from Hassan and Partners have told me that the chance of winning is very high and that we could either get our deposit back or reduce the amount of the mortgage.

He also told me that if it was a group of us with the same problem then our chances would be even higher as the courts would have to take a view!!!

Manuel Gavira the owner and respresenter of Promaga, is very well off and has all areas covered, but he has an obligation to his clients which he has to meet and is not doing so.

Should any of you would like to join forces with me I would be more than willing to meet up with you, I am from Gibraltar I am not allowed to post my e-mail address just now but I shall be checking the forum on a regular basis

Either way with or without any of you guys I am taking them all to court !!

I am sick and tired of them all

Regards

Marcus

hello there,

I reserved a flat on this site three years ago. the completion is well over due. Just wondering what the current market values of the properties are at vista hermosa. is it reasonable to assume that the current value is less than 80% of the sales price?!? i.e negative equity as soon the developer devilvers the key.

under spanish law, what compensation can the buyers receive following delayed completion by the developer? and what are the likely outcome to be if we take group action to bring the case to court?

on a side note, if the developer is struggling to come up to terms with finance to complete the project, it is very likely that the service and maintenance on the estate are of sub standard as well ........... &%%^%

all the best

lee 

Hi All

i'm having the same problem with the development (phase 2), my apartment has been delayed and delayed and Promaga keep on giving excuses. Just wondering - do any of you have a completion date on your contracts or does it not mention anything like mine?

Regards

Kevin

Hi,

I also have phase 2 and in my contract I have a completion date of Dec 2007!!!!!!!!!!!!!!!!!!

The problem is that i really want to keep the house so that is why I am not asking for my money back.

Wow - they did con me because mine does not have a completion date!! :S I know some people who have managed to get compensation for the delays (furniture packages, cash back), given the economic climate Promaga are trying to sell at all costs and avoid any legal issues. My lawyer is currently in contact with them to try and arrange something but I’m finding it difficult because my contract hasn’t got a completion date and I don’t know anyone in Gib who has got a contract with completion date.

Would anyone be so kind in sending me a copy of their contract with the completion date, obviously removing any names and signatures?? That would help me a lot in taking Promaga on...

Thanks

Kevin

I am from Gib so if you just give me your contact details I can show you my contract. By the way if you could let me know on what sort of furniture package or cash discounts you have please let me know as I am also requiesting for a furniture package and would be very interested in knowing excactly what other people have been offered.

Madona

Hi JJ,

To answer your question, as to what the paragraph below means:-

The buyer can choose whether to subrogate the mortgage. If the choice is to not subrogate the mortgage, the buyer must inform the vendor at least three months prior to the completion of the dwelling. In this case, cancellation costs for the mortgage are to the account of the vendor. It is agreed that, if the buyer does not inform the non subrogation of the loan to the vendor within this deadline, all cancellation costs  will be to the account of the buyer.

The developer takes out a mortgage to get the money to build the property. You have the option as the buyer to take over the developers mortgage (subrogate).(Doing this can work out cheaper as there are less costs to pay for you than arranging your own mortgage from scratch, but it's potentially more restrictive as you take on the conditions of the mortgage as was agreed with the developer, instead of choosing a mortgage that suites your needs). What this paragraph is saying is if you don't want to take over the developers mortgage, as you want to find your own mortgage, you need to tell them at least 3 months before completion, or else you the buyer will have to pay the costs that the developers bank (or whoever the mortgage is with) will charge the developer for cancelling the mortgage.

Hope this helps,

Best regards,

Geoff.

      Hi JJ,  Best to  read and understand my first post below to help with understanding this one :-) .

For the paragraph below, :-

   ***,*** Euros, the remainder, will be effective when the dwelling is completed and the corresponding Sale/Purchase deed made a public instrument, by means of the subrogation of the mortgage loan that the vendor has arranged with the banking entity BANESTO for the sum of ***,*** Euros, which must take place 20 days from the application for the licence of first occupation. The vendor will guarantee electricity and water of the works until said document is granted, after which time the interest of the Mortgage Loan will be paid by the buyer. The difference between the remainder and the amount of the mortgage, **,*** Euros, will be paid by the buyer via bank cheque made out to PROMAGA S.A.U at the time the public deed is granted.

This is explaining that if you are taking over the developers mortgage, the mortgage that the developer had is NOT be for the total amount that you owe (by the sum of ***.***Euros, there is a ***,*** remainder (this is the difference between the purchase cost - value of the developers mortgage -your deposit ). This difference must be paid by you by check at the same time you take over the mortgage, which must happen within 20 days of the licence of first occupation. Once this happens you the buyer then have the mortgage, have to pay the interest on the mortgage (and repay the capital). The developer during this process is responsible for ensuring electricity and water is paid for and remains connected, until the the mortgage is taken over. the electricity & water twill also become your responsibility at this point and you need to contact the suppliers to arrange to pay for the services.

Hope this helps,

Best regards,

Geoff.

Cheers Geoff, understood.

However, the 3 month rule related to not wanting to take on the developers mortgage feels like an abusive/ilegal clause... like many of the clauses and stipulations which exist in most peoples' contracts.

Thanks