Saturday, October 27, 2012
Why Won't Reef Village Developer Hand Over Titles to Owners?
(Long post but worth a read, all the way to the profane end!):
Reef Village is a development which has taken its share of flak over the years. But, the units are nice and airy, the finishing work is adequate, it's in a great location and the prices appeal to a wide range of buyers. So, what has gone wrong there? Why does it have the appearance of a failed development when in reality people who own and live there are very happy?
Much of the angst has to be directed at the developers. There are a lot of homeowners who have paid in fully for their units but have not received title. I know a really nice couple who own a villa there. They have been promised their title now for well over 6 months and it has yet to be handed over. THE DEVELOPER HAS THE TITLES but for some reason he is holding on to them and making excuses as to why he wont part with them.
To the best of my knowledge he's not trying to borrow money using the titles as security...that would actually be a criminal offense. It looks like he is hanging on to them for reasons of leverage but I can't put my finger on why he would do this.
I call upon the developers to issue the titles to those owners who have paid for their units. There is no reason for this nonsense. If I was a homeowner at Reef Village I would be making this a criminal issue, not a civil one. In Belize once you pay for a property you have to be issued title because that's what it says on the contract. Withholding title is a form of theft and fraud. It is time for the developers to say "Thank-you" to their buyers for their trust in investing there and not "Fuck You" by withholding titles.