Forum Replies Created
-
Posts
-
Nelson, I don’t know if you read any of my other posts…
I went through the entire process with this group. They are far too deceitful for my liking. I am not saying that they will steal your money or even that they won’t deliver the product they claim they will. All I am saying is they will not answer and hard questions.
First of all, they DO NOT OWN THE LAND. Which I had to have my lawyer tell me.
Once I told them I was going to use a lawyer they turned up the heat on me and put a ridiculous deadline on my deposit.
Despite my offer to have our deposit hand delivered 2 days after their “deadline”, they were insisting I WIRE my deposit to their bank account. When asked if they would agree to use an escrow account with Stewart Title they balked claiming Stewart Title is a “RIP OFF”. I check with Stewart Title…escrow services are $400, obviously a price I am willing to pay to secure my funds.In fact this group out right lied to me and I have proof of this. They told me that the account I was to deposit the money into was a TRUST ACCOUNT…later it was found to be merely a corporate account.
I am not saying don’t do business with this group, I am saying ask a lot of questions and if you don’t get the answers you need then you have to make your own decision. I worked with this group for about a month to secure a deal, they kept telling me that the information package was in the mail…it still hasn’t show up…I know I live in Canada but I don’t live in an igloo…it was just another lie. Please use caution.
No there is no mention of experience. However, that is a question a potential buyer could ask. But to see the level of detail included on the site gives me the feeling that they would be honest with me when asked about their development history.
1. Can you provide Corporate ID? (Have lawyer research)
2. Can you provide executed Purchase Agreement?
3. Can you provide folio #? (Have lawyer research)
4. Do you use Escrow?
5. Detail your financial backing for this project? Leverage?
6. If selling lots/land held by SA, corp ID of SA and Resident Agent info.
7. Development history
8. Can you produce water, road and other development permits, plot plan and CC&R’s?Can you suggest others?
I am seeking firms who pride themselves on disclosure. Somebody that views their product as something that sells itself and doesn’t hide critical details.
I have ABSOLUTELY NO ASSOCIATION WITH THIS FIRM. In fact I don’t like the location personally. However, I though their site was well put together and discloses much information. It would be nice to see more sites like this. Scott, I understand if you want to remove the site but I honestly think its a very good example. Again, I have no association with this project in any way shape or form. I have never spoken to the developers and do not intend to as it does not interest me. What does interest me is the level of detail on the site. http://www.vistasdechirripo.com/country_estates.aspx
If anyone sees something that I could add to my list of initial questions please feel free to add or subtract.
Much appreciated Scott!
I trust under your watchful eye my odds are greater of finding something legit are greater than elsewhere.
However, we are not interested in doing business with people who don’t follow a few simple guidelines that we have now set out…sort of a smell test if you will. If they don’t answer five or six questions the way we need them to be answered then we are moving on.
Am I being chastised for that post?
Seriously, I would like a few recommendations…not advertisements.
I guess I should mention that I would like to be able to have my people meet up with them this week.
One last post.
I caution investors or private individuals when doing business with Costa Vista Land. They purposely lied to me and I have proof of such. Furthermore, getting any information from them is very difficult. Their approach is, “send us your fully refundable deposit, then come see the land, if you don’t like it we’ll give you your money back.” So they ask you to wire large sums of money, in my case $100,000, to their corporate account. They refuse to use escrow accounts claiming that they are a rip off. I contacted Stewart Title to set up an account an it will cost me $400.
Costa Vista Land used to have a website, it is no longer active. Not like it was much use, but it described their business strategy. They openly market themselves as “Land Wholesalers”. By definition a “wholesaler” is somebody that buys a specific good in large quantities and sells it at a discounted rate due to its economies of scale. The problem with CVL is that they don’t own any land. But they did send me part of an agreement with the owner of the land that showed they were allowed to develop the land, promote and sell it. However, they refused to, send me the part of that agreement with the signatures to prove it was executed.
I have much proof and back up to my claims. My comments are in no way slanderous. I am not telling you not to do business with Costa Vista Land, but I encourage you to do your homework, should you choose to do so. There was far too much hair on this deal for me. I passed.
Thank you all for your input. I have consulted my CR legal representative and have learned the following:
COSTA VISTA LAND SOCIEDAD ANONIMA does not own any properties in Costa Rica.
Property number 156257 of the Province of Guanacaste belongs to XXXXXX XXXXXXX XXXXXXX (name deleted for privacy sake), and it does have restrictions and easements.
Property number 315416 does not exist in the registry office.
If I were the investor, I would not even invest a dollar based on these documents.
This is not to say that CVL is not a bona fide developer of land. These are simply my findings and there could be a perfectly reasonable explanation for this. CVL is not actually selling the land, they are selling S.A. companies that allegedly own the land. Caveat emptor!
Stanley, thank you for your input. Any information would be greatly appreciated. Would it be possible to come see you and Bandera Beach Estates next week? Is BBE titled land?
Edited on Jun 07, 2007 13:48
