Non completing question...

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14 Oct 2008 12:00 AM by Si Star rating in Lincolnshire,sold ou.... 60 posts Send private message

Si´s avatar
Hi all, deep breath, here goes.


I purchased a frontline beach apartment  and managed to find a buyer pre-completion, all good and well but now the buyer seems to have gone to ground and the developer wants him to complete.

Upon the private contract signing the buyer paid a fair chunk of the deposit and was left with about 15k left which would be paid upon completion. The contract states that only one sale can be made pre-completion and the property will remain in my name upto the completing and signing over to the new buyer.
It also states that if I do not wish to complete then I'm entitled to 50% of all monies paid.

So if the sale falls through and it reverts back into my name and the deposit the buyer paid is non re-fundable am I still able to recover some of my loss via the developer refunding me 50% of what I have paid?

I got a bit of  "umm not sure, I don't think so" from my solicitor, has anyone got any views??

Thanks in advance...



_______________________
-Simon-



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15 Oct 2008 7:12 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Of course yes!

Maria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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15 Oct 2008 7:33 AM by A. Flores Star rating in Marbella. 54 posts Send private message

You could be forced to return the deposit you have taken from your buyer if the developer fails to honour the terms of the private purchase contract you have with them. The reason is that the feasibility of the resale deal depends on the one it originates from (the developers contract).

_______________________
Antonio Flores Abogado/Lawyer Reg nº4712 (Malaga Bar Association) ...



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20 Oct 2008 9:09 AM by Si Star rating in Lincolnshire,sold ou.... 60 posts Send private message

Si´s avatar
Thanks for the replies. The developer is delivering the property on time and everything is in place ready for signing. I have contacted my lawyer again and waiting for a reply.

_______________________
-Simon-



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21 Oct 2008 6:12 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Good luck!
Please let us know of everything  finishes.
Best,
Maria


_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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14 Jan 2009 11:10 AM by Stephen2006 Star rating in Glasgow/ Torre Guil . 78 posts Send private message

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Dear All

Another non completing question. 

Not completed as yet but due around easter (1.5 years late, offered compensation in writing but paper work to accept never received).

If at the time of completion we are unable to get a mortgage from banks where does this leave us if we are unable to raise the money to purchase and complete on the property.  Would deposits (have bank guarantee) be lost?

Thanks for any advice

Stephen





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14 Jan 2009 11:42 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

mariadecastro´s avatar

http://www.costaluzlawyers.es/index.php?page=spanish-property-contracts-according-to-consumers-law&hl=en_GB

Provision 3.3 second paragraph of Standard Consumer contract by the National Institute for Consumers.

Failure to obtain anticipated funding

(...)

However, the buyer may choose to cancel the contract  once he knows on the failure of the promoter´s mortgage subrogation or mortgage request and will be entitled to recover all amounts paid


_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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14 Jan 2009 1:44 PM by Si Star rating in Lincolnshire,sold ou.... 60 posts Send private message

Si´s avatar
To update you on our circumstances. The new buyer did eventually come through, the sale has now been completed. Thankyou for all the advice, Maria especially always there to lend her time.

_______________________
-Simon-



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