Completion Dates?

[Kenso]

Hi, I'm reviewing the draft contract for a penthouses in phase 2 and notice that the seller has a "grace" period of 270 days from the original completion date. Only after this "extended" completion date will they consider recompense. From your experience is this grace period reasonable?

I also understand from the draft contract that we'll be tied to the management company for 2 years from the completion date of the final property in phase 4. If a property in phase 1 or 2 is completed/to be completed mid way next year then in effect we could be tied into the management company for more than 2 years especially if the completion date of the final property in phase 4 also has this "extended" grace period. Does any one know when it is likely for the last property to be complete and how realistic thi smay be. is this reasonable?

On an aside, payments will be based on a monthly payment schedule however Signature want payments to be paid into a GBP account in Turkey. What will be the most efficient and cost effective way of making payments form my UK bank account?

Apologies for rambling along here, but this will be be my first property and i'd really like to seek the opinion of more expoerience off plan property purchases.

Many thanks,

Kenso

 

[clearyte]

Hi Kenso, if your contract is the same as mine clause x1 3 provides that if the Contractual completion date passes due to a failing of the seller then then the seller has 90 days before he is in breach BUT he pays the buyer 6% pa of what monies he has paid. After the 90 days if completion has still not been achieved the buyer can either continue this arrangement or opt to cancel the contract. My current discussions with horizon revolve around WHEN this is payable until and WHEN i have to make final payment. Their view is when the builder hands over the block as 'practically complete' my view is when 'contractual completion ' is achieved ie when title transfers including military permission.
Management company by Signature is as you describe, although I am assured that it is non profit making and accounts fully open-book. After this period owners can vote for new committee and change what services they want.
I have had good service from a company called HiFX ( google them ) regarding money exchange.

 

[BEZ]

When you go over again open a sterling and Lira bank account pay money from the UK or better still pay it in when you are next over and transfer the money via direct debit every month from your turkish sterling account, if you transfer money every month from the UK it will cost you around 20 pound per transaction

 

[sunnyturk]

is it easy to cancel? Signature will not accept my termination so I have had to contact a lawyer who specialises in turkish law (even though im a uk qualified lawyer) as i understand that the procedure is different? im buying in phase 2 and my cmpletion date was due to be 30th june 09, so they are clearly in breach. If anybody is going through this or considering, we can share the costs of the turkish lawyer who is providing a brief on the position and the way to go forward. Hope im not wasting my money. I havent sent her anything yet. Signature should really play ball, but thats probably asking too much.

 

[carolk]

Just to throw a spanner in the works here Kenso, usually that kind of contract is not worth the paper its written on, ask them to have the contract notarised and see their response!. Sunnyturk is having a job getting out of it. Try and find some one who has been given compensation for failed completion dates!

Good luck.

 

[akbukowl]

Get the contract notarised or as carol says "its worthless"

 

[clearyte]

Hi, I'm reviewing the draft contract for a penthouses in phase 2 and notice that the seller has a "grace" period of 270 days from the original completion date. Only after this "extended" completion date will they consider recompense. From your experience is this grace period reasonable?

I also understand from the draft contract that we'll be tied to the management company for 2 years from the completion date of the final property in phase 4. If a property in phase 1 or 2 is completed/to be completed mid way next year then in effect we could be tied into the management company for more than 2 years especially if the completion date of the final property in phase 4 also has this "extended" grace period. Does any one know when it is likely for the last property to be complete and how realistic thi smay be. is this reasonable?

On an aside, payments will be based on a monthly payment schedule however Signature want payments to be paid into a GBP account in Turkey. What will be the most efficient and cost effective way of making payments form my UK bank account?

Apologies for rambling along here, but this will be be my first property and i'd really like to seek the opinion of more expoerience off plan property purchases.

Many thanks,

Kenso

Kenso, my contract is with signature and unless yours is different then there is no grace period past contractual completion when the seller does not have to compensate at the rate of 6%/pa of monies paid to date. The periods in question ( 90 , 180 & 270 ) are when also different options are open to the buyer to take ( ie pull out and get money back )
Regarding the management contract , the one I have recently been sent to sign refers to the 2 years running from the completion of phase 3 , which should hopefully be well within the june 2012 completion originally given for the whole complex. It is contradictory however on what happens after that. In one part it states that Signature have the right to extend the period and also hand it to whoever they deem suitable but in another it states that after 2 years a committee of Owners via an appointed 'manager' will control. I am currently questioning this ambiguity.

 

[sundip]

Hi

Has anyone successfully terminated their contract with Horizon Sky as they have gone over 270 days past the contractual completion date?

Regards

 

[hijo]

Get the contract notarised or as carol says "its worthless"

i had a contract notarised .translated ,and signed by all concerned ..as Carol says it is not worth the paper it is written on here....::bolt:

 

[yasemin3]

The moral of the story, time and time again, is do not buy 'off plan' in Turkey. A very risky way to gamble your money.