Thread: Condo from Btesh-Virzi

A word of warning to purchasers of Real Estate in Panama. We put a deposit down (30% required) to purchase a condo from Btesh-Virzi in Feb 2007 scheduled to be completed in Dec 2007. At that time we agreed to an escalation clause that if the cost of materials went up we could be charged up to 3% (additional) of the total, if approved by the Government. (We expected and planned to pay this). We were warned that when notified that the unit was ready we would be required to close within 15 days or pay penalties. Notified Dec 2008 unit ready for occupancy permit so we immediately came down to close. Now informed that unit is larger and we have to pay an additional $17,000 (no language allowing this in contract) and that it will not be ready until mid March 2009. No recourse! Pay or lose deposit. If choose to fight , they have deep pockets and time on their side, we have Law on our side (in their country). We have already spent great deal on lodging etc. Have received support from Don Winner and Century 21 fighting losing battle. Buyers Beware!!!!

http://www.panama-guide.com/article....90218165835222

Very sound advise: they did the same to us, and the quality of the apartment has absolutely nothing to do with what they promised. We are fighting to get our money back, and we will not give up. Anyone having a similar experience with Btesh, please contact us and let try to join forces.

What is the name/location of the project?