26 Oct 2024 9:35 AM:

Yes, just as an update for any future readers.  To confirm, I returned the deposit plus €5,000 to the buyers.  Agents contract was also for 50% of their fees.  We kept the property and paid the fees.

Thread: Pulling out of Sale in Spain. After some advice if possible?

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22 Sep 2024 7:14 PM:

Thank you so much for the reply.  I thought that's how I read it!  On that basis I think we're going to pull the plug and enjoy what we have.  Now for a difficult conversation with the agent tomorrow.  I hate letting the buyers down as we are close to completion, but think if we don't hold onto the place we will always be regretful.

Thread: Pulling out of Sale in Spain. After some advice if possible?

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22 Sep 2024 6:10 PM:

We are currently selling an apartment in Spain, due to complete the sale tomorrow.  We have spent the weekend in Spain with a view to emptying the property as we have used it very little over the last few years.

Whilst being in Spain we have seen that our resort has become a beautiful place over the last few years and has a lot to offer and we are now in the position where we are wishing we hadn't sold.

If we pull out of the sale at this late stage I appreciate that it's a real disappointment for our buyers, but I just feel that I've got to do what's right for myself and my family.

The buyers have paid a deposit of €5000 and our signed sales contract says "should the buyer unilaterally terminate the contract or does not complete the contract will be cancelled and he/she will loose the deposit paid.  If the vendor pulls out of the contract then the buyer will recover double of all monies paid".

if I understand this correctly, in the event that I as the seller pull out of the sale then I will have to return the €5000 deposit and pay a further €5000 as compensation.  Is this correct, or does the "pay double" part mean that I would have to return the deposit and then pay a penalty of €10,000 on top?.

Also, is it as simple as just paying the penalty and walking away or will there be a costly legal process to go through?

Thanks in advance.

Thread: Pulling out of Sale in Spain. After some advice if possible?

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