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| | | Forum Newbie
Group: Forum Members
Last Login: Monday, January 15, 2007 2:27 PM
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| | I'm abit confused about what currency we need to purchase LJDF property in. Property Logic have asked for the 1st 20% payment to be in Euro's, with the following installments being paid in Moroccan Dirhams. I thought that I read somewhere that unless all payments were in Moroccan Dirhams, then you may NOT be able to repatriate all funds upon sale of the property. Have I got the wrong end of the stick or is there a problem here. Any advice Andy? |
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| | | Supreme Being
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Last Login: Wednesday, January 09, 2008 1:39 PM
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| | Hi Jibber, Who said that the second payment was going to be in Dirhams? I have called both Legalex and Property Logic and got the following response. First of all from Legalex. Hi Andy, I have checked with Jose and Alex. They do not know anything. Jose is having a meeting with Sean and will rise the issue recommending payment in Euros. Will let you know. Thanks Macarena Rein-Loring Abogada / Lawyer Legalex Group. Secondly from Lucy @ Property Logic. Nothing yet has been agreed for the second payment. As soon as i get any further news i will let you know. Sorry i couldn't be of any greater help at this moment in time. Andy |
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| | | Forum Newbie
Group: Forum Members
Last Login: Monday, January 15, 2007 2:27 PM
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| Andy,
Thanks for the quick response. I'm sure that I saw somewhere about remaining payments being in Moroccan Dirhams - however, now that you ask I can no longer find any references to it in ny of my correspondence.
However, regardless of whether part or all of the payment is in Euro's, the original question still stands...Does this affect any repatriation of funds upon susequent re-sale of the property? |
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| | | Junior Member
Group: Forum Members
Last Login: Wednesday, March 07, 2007 5:34 PM
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| Hi jibbler
My contract has 2nd installment being in Dirhams. I was concerned 1st installment was in Euros and expressed my concerns regarding repatriation to my lawyer at CBA. He spoke to his colleagues then came back to say key was notary registering price in Dirhams. I'm not 100% comfortable with that as CBA won't lose out if I can't repatriate 20% of price I paid. Heard one or two had managed to pay 1st 20% in Dirhams.
At least exchange rate is good for getting Euros - its not so long since rate was 1.35 Euros to the pound. |
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| | | Forum Newbie
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Last Login: Thursday, February 01, 2007 9:40 PM
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I have responded direct to jibber on this point, however I also wanted other members to consider the below as I think that it is a very important point that jibber has raised.
In essence, I wanted to say that I am also very concerned over the question of repatriation of funds. I have researched this point and it seems that under Moroccan law the only way to guarantee the repatriation of funds is to purchase in Dirhams through a convertible bank account. I know that this is the payment structure used by Fadesa on their developments including Magnum.
I too have checked this point with my solicitor and Property Logic. I have been advised that although there are legal requirements under Moroccan law, in practice the authorities are relatively relaxed on this point and so the letter of the law is not always followed. I have been further advised that the documentation relating to the purchase including the contract of sale should be sufficient to secure the repatriation of funds. Nevertheless, I remain extremely concerned by this point as I still think it has the potential to be problematic on a resale in later years.
Frankly, it is a risk that I do not want to leave to chance. Therefore, I think we should push to have this point clarified by Property Logic and our respective legal advisors before the second installment is due for both peace of mind and also so that we can make any necessary arrangements if required. Needless to say it would be disastrous if we were unable to repatriate our funds when we came to sell our units in the future. Unfortunately, I have already paid the first 20% in Euros towards a villa on this development.
I look forward to your comments.
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| | | Forum Newbie
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Last Login: Friday, April 13, 2007 11:05 PM
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| Hi,
Has the repatriation of funds been clarified now by Property Logic?
Zeen |
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