From off plan to village life

I was wondering if anyone out there has any info., should one change their mind about their purchase after parting with 15% deposit x 2 apartments. Circumstances can change for the individual therefore what are ones chances of reselling on, should the situation arise.? Also, MRI Solicitors were the ones chosen to represent. If you cannot complete do you lose your hard earned cash deposited if not resold, or does the developer sue you for defaulting on contract.

Hi there, It is very common to sell before completion, a lot of investors do this to avoid having their name on the title deeds and subsequently avoid paying Capital gains tax. You will find details in your private purchase contract if these have been translated for you. This is from the purchase contract in Portofino:  TRANSFER OF RIGHTS You will be entitled to transfer the rights of the purchase to a third party if the following requirements are met: 1: The developer accepts the transfer and the signing of the transfer contract is made in their premises;  2: The correspondent taxes are paid. Unfurtuneatly if you are not in a positon to complete you will lose your deposits. I would not be worried about not been able to sell on 2 apartments in Portofino as it is proving a very popular complex. Whether the developers will allow you to sell below there asking prices is another thing. It might be an idea to maybe start thinking about it now, its roughly a year to completion.  But you do not have to use the lawyers appointed by MRI.

In Reply to your e-mail,  If MRI re-sales will  represent you in 6 months before completion you have another 2 months after that to sign title deeds, so 8 months is a good bit of time to find a buyer. If you had independent representation in place at the moment you could put in on the market right now as I intend to do with one of the apartments I have purchased. Derek 

Deposit

My understanding is a grey area but I think if you pullout, resell of default payment the deposit is gone.

I believe if you resell and sufficient price is paid deposit is covered but there is no sure bet

Frank