Suzuki LTZ 400 Quad Bike for Sale

Hi

It looks like El Balcon may still be ok, as they are now offering bank guarantees, and have been very helpful providing information to support the new arrangements.

We are definately looking at still buying as long as all the boxes are ticked in the right places and our solicitor confirms it to be ok.

Regards

V

Hi

Update I have is as follows of which I have researched myself.

Bank Guarantee with the CAM bank, for the full amount transfered into the special account. The gurantee covers till completion of construction.

Land, currently what I have been advised is that they have paid 50% of the land and have arranged a date for the remaining payment. I have asked that a clause is added into my Acquisition Contract relating to this and also to planning permission not being granted.

I have not been charged for the guarantee.

So far to date I have been emailed my reservation contract and a template copy of the Acquisition with the clauses which will be signed and agreed 30 days after reservation and transfer of the second payment. (this has changed compared to the original deal).

The Acquisition contract needs to state a completion date of the property which currently stands at 24 months, obviously this is something that can be negotiated within reason aslong as the project doesn't take forever.

So far I have been dealing directly with Bank Managers at the CAM to confirm that the AVAL (Bank Guarantee) will be granted, also independant solicitors, and the promoters, but saying all of this I have received all the information that I requested from the promoter without any issues, including a private contract signed between the developer and the land owners stating the puchase agreement of the land.

I think the key is to ensure the very least the land and the planning is stated as a clause in the contract if not owned or permission granted, the rest is standard.

We all knew there was a slight risk hence the price of these properties, but I have to admit, I have checked everything I possibly can including calling the local council to check the progress of planning permission.

As you may be aware the planning license needs to be approved not only by the council of Moratalla but also by Murcia, this is a long process and worst case scenario could take 2 yrs, but the promoter anticipates this will be approved by the end of the year.

It all depends how long you want to wait for a property, personally I'm not in a hurry.

Hope this helps.

v