Buying land in Essaouria

5POSTS

2 years ago

Could I ask for some advice please?

I am considering an opportunity here, to set up a guest house in the countryside about 20 mins outside Essaouira with a Moroccan chef friend of mine who would work there and take care of the AIrbnb while I live in Ireland.

Does anyone know a good lawyer to speak to that is used to this kind of deal and also do you think the land needs to be in my name or can we joint own it?

If it is in my friend's name only; does that mean that if I build on it I have no legal entitlement to the property?

What we first discussed was buying the land together and landscaping it together and then I would build the first property that would be in my name and then she would build the second over time.

Any advice would be appreciated and any reference to a good legal person would also be much appreciated.

Many thanks

Nat

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natalie coleman New member

5POSTS

2 years ago

@elena3129

Thank you

jahfrank Active member

53POSTS

2 years ago

@natalie coleman: Scrap that idea.

1 member reacted to this post

natalie coleman New member

5POSTS

2 years ago

@jahfrank Hi Can I ask you to elaborate? Have you had your own experience that didnt work out for you? Or just a general mistrust from hearsay ? It is great to get feedback but more detail so there is a context if possible would be super.

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Daniel Jackson88 Member

2POSTS

2 years ago

Natalie, @jahfrank is correct. The idea you outline is fraught with serious issues. Any proper lawyer will point out the obvious issues of being an absentee partner. Such an lawyer will ask, "Natalie, think of all the possible issues that can go wrong."

The most glaring is that you are there and your partner is here. You expect your partner will do all the work, send you a return on your investment, while you lean back in your drawing room sipping tea, eating crumpets, doing the crosswords in your Sunday Times? I have a wonderful bridge in Brooklyn to sell.

On a serious note, the real issue is one of [link moderated]. The classic example is a landlord over insuring a firetrap property that "suddenly" burns to the ground. With economic actors, presenting a deal, such as yours, with asymmetric information and duties invites default.

How are you going to "monitor" the associated liabilities of your property and business investment. What's to prevent the other person from running up huge bills, tax burdens, and walking out?

I live in this area. I suggest that if you LOVE this area, would like to do business in this area, you become a resident in this area, and oversee daily production in person. You can alway catch a flight back to the Ole Sod when you want.

Oh yes, when you DO return from Ireland, I would forever be in your debt if you bring me two Irish Wolfhounds (a mating pair). PLEASE.

Let me know where this property is located. I am a real estate photographer. It would be my pleasure.

idouarab2712 Active member

55POSTS

2 years ago

@natalie coleman

in morocco if things are not in your name you will have no legal right to them. people in morocco have and are losing properties with legal deeds to them. please think before departing with your hard earned cash..