In order to combat fraud of all kinds on the part of certain promoters, the National Council of the Order of Notaries of Morocco (CNONM) has established an internal list of crooked promoters. This is what the daily says Eco Inspirationsspecifying that the announcement was made by Hicham Sabiry, president of the National Council of the Order of Notaries of Morocco. All members of the order have taken note of it, and it will be in force from next week, he specifies.
The “black list” aims to counter the recurring abuses of real estate developers who do not comply with legal provisions. “Among the most worrying practices is the non-compliance with the law on Sale in the future state of completion (VEFA), a legal framework that is nevertheless crucial for the protection of buyers.», lit-on.
Some developers do not respect their commitments in terms of delivery of real estate. This failure is often accompanied by other, more blatant abuses. The refusal to proceed with the reservation of goods, a fundamental act to ensure the security of transactions from the first stages of the acquisition, is one of them. Without this reservation, buyers find themselves without protection in the event of a subsequent dispute.
«Selling property before obtaining a housing permit directly exposes buyers to legal and financial risks. This type of practice, although formally illegal, persists in the real estate sector, further weakening consumer confidence in a market already under pressure, particularly since the announcement of the organization of the World Cup in 2030.», lit-on encore.
Added to these practices are the financial difficulties faced by certain promoters. Their ability to honor their contractual commitments is seriously compromised. Operators mired in cash flow difficulties also appear to be at risk profiles, just like those who fail to deliver goods within the allotted time frame.
This initiative, beyond its dissuasive nature, intends to establish transparency in one of the key sectors of the economy, contributing, ultimately, to cleaning up a market with major challenges for the development of the Kingdom. The “name and shame” strategy has the merit of publicly holding unscrupulous promoters accountable, while sending a clear message to the entire sector.
