Non completing question...

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...

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Of course yes!

Maria

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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).

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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.

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

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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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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.

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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.

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