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Panamam Developers Receive Complaints
September 30, 2009
by La prensa - Roberto Jimenez
In Today's La Prensa's economic section it mentioned how Developer are receiving many complaints from buyers most of which have to do with added costs being charged to consumers due to a spike in materials as well as increase in costs due to larger construction and/or living area. You can view the complete article in spanish as a pdf at: http://selectpanamarealestate.com/panama-real-estate/Panama-developer-complaints.pdf or read a translation for La Prensa article below:
PANAMA REAL ESTATE
Developers still accumulating complaints
In the first eight months of the year, 55 developers have been receiving of at least two complaints from consumers.
Between January and August this year, 265 consumers have
filed complaints against real estate developers in the Settlement
Department of the Authority for Consumer Protection and
Competition (ACODEC).
The property business has become the most claims in excess
of 2 thousand 500 dollars generated in the acodec.
In these eight months, 55 developers have been protagonists of
at least two claims.
As explained Eva Alvarado, head of Consumer Assistance and
Conciliation acodec among the most common malpractice is the
failure of security.
"They spend months and do not adequately cover the damage
found in the house", taking in some cases that "go to the home
of the consumer to make an inspection of the damage and take
photographs."
Consumers also have claims for breach of contract, "such as the date of delivery of housing, which sometimes is not close to
that embodied in the contract."
This situation can be an additional cost to customers, since in some cases are paying rent until they receive their new home.
Another of the "errors" common, says Giovani Fletcher, president of the Panamanian Institute of Law of Consumers and Users
(Ipadecu) is the sudden variation of the footage of the apartment.
At one point, the developer tells the client to an increase in meters that momneto undiscovered, increasing the price of the
apartment. This occurs after "the buyer has negotiated and signed the papers to make the mortgage early.
The vice president of the Panamanian Association of Brokers and Agents of Real Estate, Wilson Ruiz, acknowledged the
increased complaints. He explained that these are due to the increasing number of projects and the high demand for labor,
which delayed some projects and led others to have staff who was not well qualified.
Finishes 'luxury'
In contracts and promotional ads, some promoters do not spare the time to talk about luxurious materials and finishes, and in
reality the elements used are rather mediocre quality.
Promising areas amply equipped or equipped gym, but when the client receives the apartment you find that you have to pay a
special fee for equipment in these areas. What was a gym stays in a room.
Unfair terms
Consumer groups warn the inclusion of unfair terms in contracts that allow the developer unilaterlamente raise the price of
housing by increasing price of materials, or to charge a rental fee for the period between the issuance of occupancy permit
and the registration of the mortgage at the Public Registry and the consequent payment of the balance owed to the developer.
This process "is often extended by the delays that occur in the preparation of the scripts that must arise between the bank and
the developer," said Fletcher.
To avoid unpleasant surprises consumers after agreeing on a contract or purchase-sale and pay the initial assessments of the
apartments, the acodec and consumer groups recommend reviewing, reading and studying this contract.
You must verify that the document count on date of delivery of the work, make sure the terms are clarified to pay, view photos
and save the housing brochure.
More than disgust those who follow these tips save.
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