Cadima Units Show Tax Office Embargo
The attached document, which relates to the individual property description, in construction, and its legal charges, reveals the following:
- The maximum mortgage this unit would be liable for, potentially. This unit has maximum mortgage liability of €139,500, on which draw-downs can be effected as the unit gets built.
- An embargo for a maximum of €746,160.31 Euros which is, presumably, the debt incurred in with the Tax Office for the whole development.
If we consider that these properties would have a retail value of anything between 35% and 50% less than initially sold for, it is difficult to see how the bank would be looking at buying the plot back and paying Citrus a subtantial sum, as is being suggested.
Documents
- Nota Simple showing preventive embargo (PDF – 220 Kb)