I am buying my house from france and have had to put down a £10,000 deposit. It looks like the person buying my house is going to pull out so my completion date will not be met so i will loose the £10,000. can anything be done
2007-02-28 05:36:02 · 9 answers · asked by justin n 1 in Business & Finance ➔ Renting & Real Estate
It will depend on the terms of the contract or agreement you have with the purchaser. There should be a penalty clause that would enable you to receive a specified compensation. Of course, if you do not have a contract or agreement then this was not a final sale and so you will be entitled to nothing.
2007-02-28 05:50:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You should have had a contingency for sale & closing document regarding your home attached to your prospective home. So that if the sale does not go through you are not required to purchase. If not, do you have any other contingencies ie. financing, appraisal, inspection notice. Possibly a finance rejection submitted by a certain date. good excuse for rejection--buyer cannot own two homes unable to approve loan-- something like that. Your contracts could be different than here in the states but if your buyer was able to get out of buying yours unscathed then you or your real estate practicioner should have put the same in your contract.
2007-02-28 05:44:44 · answer #2 · answered by q8336b 2 · 1⤊ 0⤋
Try getting a bridging loan from your bank to help you out then give your estate agent a kick up the ar## tell him you are reducing the fee by 50% and that you will instruct other agents to sell your property on a first sale gets paid basis.
They wont be happy and will moan but they don't care if you lose 1k or not they only care for themselves despicable little people.
2007-03-04 05:08:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your contract for our new home should have been subject to the successful closing of your old home. If you did not do this, than you may lose your 10k. The agent should have done this for you automatically. If not, you may be able to sue him for the money. If you are doing this by yourself this is why you should have hired an agent.
RE Agent
Remax
2007-02-28 11:23:37 · answer #4 · answered by frankie b 5 · 0⤊ 0⤋
you might be able to do in Scotland but in England you would not have a chance as it is not until the contracts are exchanged that the sale is completed but in Scotland a verbal contract is worth as much as a signature.
Sorry about your loss of money mate but try have a word with owners of the french house they may be sympathetic good luck
2007-02-28 05:52:29 · answer #5 · answered by ? 5 · 0⤊ 0⤋
Unless you have "Exchanged Cotracts" or have some Legally Binding Documentation --Sadlly the Answer to your Question is NO --- Better Luck Next Time .......
2007-02-28 05:46:00 · answer #6 · answered by ? 5 · 0⤊ 0⤋
No, sorry. Wait until yours is sold and find temporary accomodation before buying abroad.
2007-02-28 05:47:53 · answer #7 · answered by Ahwell 7 · 0⤊ 0⤋
not in the uk thats what sold subject to contract means sorry
2007-02-28 05:44:15 · answer #8 · answered by Anonymous · 1⤊ 0⤋
Yes, you'll have to file a lawsuite to get it.
2007-02-28 05:43:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋