TURTLE BAY ECO- What do you think?

[JMBroad]

Originally Posted by ady1231

Hi;

Turtle bay is a good development, no doubt, golf, hotels etc..

I beleive the prices are a bit high for the region. This is the dilemma i faced, i had to choose between Turtle Bay and Coconut Grove, which i finally bought a first line to the beach plot.

Prices on both projects have gone up, you just have to choose which one suits you.

Cheers

Did you ever get a due diligence report on either of them? I've been waiting for months now and they simply can't provide the legal docs I need.

[RalphJ]

Originally Posted by JMBroad

Did you ever get a due diligence report on either of them? I've been waiting for months now and they simply can't provide the legal docs I need.

As I'm certain you know JM, that is never a good sign. It amazes me how someone can start to sell a project and then when one asks for doc's such as land titles, architectural projects, and all building approvals, etc., and they tell the potential clients that they will be provided and then you never hear back from them.......very telling.

[JMBroad]

Originally Posted by RalphJ

As I'm certain you know JM, that is never a good sign. It amazes me how someone can start to sell a project and then when one asks for doc's such as land titles, architectural projects, and all building approvals, etc., and they tell the potential clients that they will be provided and then you never hear back from them.......very telling.

Absolutely agree.

We don't advertise this development or any other development before everything (not just the legal side) has been thoroughly checked by our team and our lawyers and we have copies of every document on file in our offices.

So yes I agree with you that anyone who sells a product without having at least read and verified the required documentation is doing themselves and their clients a major disservice. Sadly not all agents take the extra time and effort to research the product they are offering.

Classic example was a development which was being offered to agents around the world as a luxury exclusive development of only 100 units however buried deep in the accompanying legal jargon which the agents received (in Portuguese) it stated that the development was 3000 plots in total the size of Monaco, would not include water or sewage on the plots and the road to the development would not be tarmacced. Most agents couldn't or didn't read it so the fact that the developer was voluntarily offering a legal document made a lot of people feel comfortable about offering it to their clients even though they couldn't understand it.

Three different European agencies offered it to me for us to sell and not one of them had noticed those "small details".

[RalphJ]

Originally Posted by JMBroad

Absolutely agree.

We don't advertise this development or any other development before everything (not just the legal side) has been thoroughly checked by our team and our lawyers and we have copies of every document on file in our offices.

So yes I agree with you that anyone who sells a product without having at least read and verified the required documentation is doing themselves and their clients a major disservice. Sadly not all agents take the extra time and effort to research the product they are offering.

Classic example was a development which was being offered to agents around the world as a luxury exclusive development of only 100 units however buried deep in the accompanying legal jargon which the agents received (in Portuguese) it stated that the development was 3000 plots in total the size of Monaco, would not include water or sewage on the plots and the road to the development would not be tarmacced. Most agents couldn't or didn't read it so the fact that the developer was voluntarily offering a legal document made a lot of people feel comfortable about offering it to their clients even though they couldn't understand it.

Three different European agencies offered it to me for us to sell and not one of them had noticed those "small details".

Well it certainly sounds as if you do your due diligence. It must be done everywhere...but especially here in Brazil.

[Gee69]

Guyz,

In case the developers or property agents are not coming out with the docs within a reasonable time frame after payment of the reservation fee, I guess investors would be better off cancelling the deal...

May be there are ppl who proceed anyway and complete the deal, without due diligence !!

Cheers,

Gee

[JMBroad]

Originally Posted by Gee69

Guyz,

In case the developers or property agents are not coming out with the docs within a reasonable time frame after payment of the reservation fee, I guess investors would be better off cancelling the deal...

May be there are ppl who proceed anyway and complete the deal, without due diligence !!

Cheers,

Gee

The agents should have checked them before offering them to their clients - it's part of the reason to use an agent.

[Simon Eaton]

I am buying in coral beach resort, similar project, can anybody give me a non biased comparrison please?

[Simon Eaton]

I have read the above, I have not checked coconut grove but saw it advertised tonight. I have received due diligence documents and a dd report from their lawyer for coral beach, the developer is building roads and has also provided proof of application and approval for the infrastructure from the secretary of infrastructure. If all documents check out would you recommend an investment like this? Who are your legal team and what is their experience in Brazil, please provide me your lawyer details, as I would like them to assist me perhaps. Many thanks in advance.

[RalphJ]

Originally Posted by Simon Eaton

I have read the above, I have not checked coconut grove but saw it advertised tonight. I have received due diligence documents and a dd report from their lawyer for coral beach, the developer is building roads and has also provided proof of application and approval for the infrastructure from the secretary of infrastructure. If all documents check out would you recommend an investment like this? Who are your legal team and what is their experience in Brazil, please provide me your lawyer details, as I would like them to assist me perhaps. Many thanks in advance.

Secretary of infrastructure? Never knew there was such a position. Make sure they have FINAL building approvals from the city hall (prefeitura), state environmental people (Adema is the name in Sergipe-they have other similiar names in other states) IBAMA (federal environmental dept.), the state department of highways (name varies from state to state), the department of the federal gov't. (união) that is responsible for "terreno da marinha", or land close to the sea, if applicable, etc.

The KEY in all this being FINAL approvals....a "licensa previa" is a pre-approval, and although good to have, and necessary, there are MANY things that can and do go wrong from that stage to the final stage.

[Simon Eaton]

thank you for your reply, I have been checking out, and there is a secretary of infrastructures. Also, the FINAL building approvals would be classified as "detailed planning permission", you seem to have missed the point, I am buying land, not a house. A house would have the final approvals, land needs to be in regulation for construction, with a SEMACE license in place. This is from the mouth of a lawyer I know who have offices there.

The documents you have detailed above are actually incorrect for this type of investment, what is the state department of highways, and what do they have to do with anything?

The sergipe I believe is called SEMACE in the area I am reviewing.

I have been told that basically I buy the land, I have asked for a copy of the local authority docs to prove this area will be able to be built on. Once I have that I will apply for detailed permission to build the villa that I want.

Licensa previa comes once the project is underway and nearly finished. As in a BUILDING.

Please keep assistance fromnow on reliable, as the ionformation above is not correct for the investment I am considering.

But thank you anyway.