Hi Tania, it’s Drakan with an “A”.
If I went to Germany and purchased a property i would never sign a contract without a chartered translation in Spanish.
Whose fault is this ?
I’m not putting the blame on you Tania, but If you feel your lawyers have acted wrongly, take them before the ICAM, it’s free.
Off-plan can be very profitable If you know what you are doing or very risky If you don’t. There’s a market-timing for it, investing is an artform.
People who bought off-plan from 1997-2000 have made alot of money tax- fee selling before completion avoiding Capital Gains Tax.
Those who bought from 2000/2001-2005 will most likely lose money. Greed makes you lose money If you don’t know what you are doing.
Normally people who think they are smarter than the rest of us and who are greedy get caught, again and again. It happened in 1987, it happened in 1999, it is happening now and wil happen yet again. It is cyclical.
It’s up to you to do your own homework and research.
Purchasing off-plan is not bad per se, it has it’s pitfalls, granted, but in all investments you have to know what you are doing. If you don’t, do not touch off-plan with a bargepole even.
Do you know how warrants, shares, puts, options work ? If you don’t, don’t invest, it’s as easy as that. No one places a gun against your forehead forcing you to invest in realty. Buy bonds, buy government debt at 2% yield.
Investing takes time, takes self-discipline, takes learning, takes planning carefully ahead. It is sacrificial as well as rewarding.
If you really expect the agents/solicitors or whomever to do this on your behalf in an investment venture I guarantee you you’re in for a rough ride.