| Morocco |
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Morocco is a fascinating country that has attracted the likes of Mick Jagger and Kate Moss. It has a dramatically changing landscape, climate and temperatures vary wildly from one town to the next.
Moroccan
law can be a minefield if you are inexperienced. VEFA has been
implemented in order to protect the buyer but many unscrupulous
developers do not observe its requirements. This
is a Statutory contract which provides specific safeguards and
guarantees for your deposit monies. The VEFA places a Statutory
obligation on the Developer to refund any deposit monies in the event
the development does not complete. The VEFA is further secured by an
independent bank guarantee for each purchaser. Under the terms of the
VEFA your deposit monies are not released by the Notary to the
Developer until these guarantees are received. When
purchasing off-plan under a contract governed by VEFA, no portion of
the purchase price is to be paid to the developer until the foundations
are complete, the notary has issued the relevant certificate and the
preliminary contract has been registered. It is wise to administer your
funds through the escrow account of a UK solicitor or notary and
PeregrineLaw will structure this for you in order to minimise risk.
Once you have selected your property, a preliminary contract is drawn up and signed, in the presence of a notary. The choice of notary is very important as sadly corruption is a factor in Morocco. PeregrineLaw have sourced reputable notaries and professionals, who act for the major banks, so you will secure with our choice for you. |
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