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Is it legal for the developer to ask for more money on completion than the initially agreed price?
Property Law
Antonio Flores Vila
27th of January 2005
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Q. If you have purchased a new build property and paid a deposit and the VAT and are ready to complete at the original agreed price, is it possible for the property company to ask for more money saying the property is valued at considerably more money now it is complete than the original asking price? All the legal formalities were followed. This is an apartment in a block.
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A. The answer to your question is a plain no. It is illegal to demand further monies on a property which was bought at a certain price, but above all it is immoral and unethical. If you are in the position you mention I would suggest you seek legal advice and reject any attempt from the developer to impose a price increase.
I would also be grateful if you could let us know, at your convenience, the details of the developer, as we are actively pursuing these illegal practices. As a law firm we guarantee anonymity and confidentiality.
Follow Up: The developer mentioned is Aifos and the agents are Palmera Properties.
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