Quote:
Originally Posted by wendles
Hi
We are in process of buying an apartment in Estrella Do Atlantico in Natal and have received conflicting legal advice on one of the clauses. Hoping some knowledgeable person on this forum can help.
The property is freehold and the clause is for us to authorise the developer to take out a mortgage/loan during construction. We are worried where this leaves us if the developer does not repay his loan to the bank. Manzanares are the lawyers acting for the development and they advise that there isn't an issue. If the developer defaults, the bank will take on the liability and we owe the purchase price to the bank.
However the independant lawyer we have appointed says this is an unusual clause and not normal practice in Brazil, he says should the developer default then we will have to repay the bank loan.
I'm now questioning which of the lawyers is correct. Has anyone come across this before and which of the answers is correct?
Wendles
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The bank will take on the liability - pure ****e they will have a charge on the property as they are owed money on it.
Get good legal advice friend as you could be left high and dry if the developer default.