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Hi Jan
"In theory"? The property belongs to the developer, he can sell it at any given moment. Moreover he can mortgage it as well.
Your friend should go to a Notary Public along with the developer and obtain the Title deed to it so it is registerd under his name at the Land registry. Only then will it be his trouble-free.
They may have come into some sort of private arrangement for some reason only privy to them i.e. your friend may be divorcing and doesn't want this property to be included within hsi estate. One of the many the problems is if the developer for example should pass away, this property would form part of his estate. His beneficiaries may not be aware of this private agreement between both parties and may sell on.
Sincerely
Raymundo LarraĆ*n Nesbitt
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