i.e. I know I will possibly lose my deposit - can I legally be made to go through with the Completion or can I change my mind after exchanging contracts?
2007-10-05 06:19:31 · 8 answers · asked by Rixo 1 in Business & Finance ➔ Renting & Real Estate
If you are the buyer and you change your mind you will lose your deposit and that should be all. Technically, the seller could take you to court for breach of contract but I doubt that he will.
2007-10-05 06:25:57 · answer #1 · answered by angela 6 · 0⤊ 0⤋
It really depends. You may not lose your deposit (aka earnest money). It largely depends on how the contract is written. For example, if you fail to get financing, you will almost always be able to get your deposit back.
Legally, you could be forced to buy the property, but that is very, very rare.
All of this really depends on why you're backing out. If you just changed your mind or found a better deal, then people tend to be a little more mean about it. But, if you can come up with a legitimate (or semi-legitimate) way to back out, you can often retreive your deposit and get off easy.
Many contracts are written to favor the buyer, so it really depends what is in the contract, but lots of people back out of purchase agreements with garbage reasons, but the contract's wording allows them.
2007-10-05 06:25:56 · answer #2 · answered by vbslinger 2 · 0⤊ 0⤋
If you signed the deed of sale, there is nothing doing.
Or are you talking about a promise to buy ?
In that case you would only lose whatever is said in the clause
of the contract.
You could always put in clauses into such contracts yourself that say for example that everything depends on granting of a mortgage for you.
Usually you lose 10% which is normally taken as deposit.
You may look at my page below. Mind, please, sales contracts are the same all over the world. Once a contract is signed by both parties it is binding.
2007-10-05 07:05:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes the can sue you for specific performance. This is when the bring a lawsuit that if they win will force you to follow through and buy their home. They will also get all of there court cost. Unfortunately this is very likely to happen because buyers are few and far in between and they know if they let you get away the dont have another buyer coming their way. Hope I helped.
2007-10-05 06:33:54 · answer #4 · answered by young2bballin 2 · 0⤊ 0⤋
you have a contractual criminal duty accessible over the valuables interior an analogous concern it became in while contracts have been agreed and exchanged. This refers back to the actual concern of the valuables, high quality of adornment, and so on. It won't often amplify to the size of the grass interior the backyard - even even though it does amplify to having an analogous plant life interior an analogous place. so which you ought to no longer dig up the backyard, yet failing to mow that's unlikly to be a controversy. the sole achieveable exception may well be in case you had quite wonderful lawns, exceedingly in case you be attentive to that those have been correct to the shopper's selection to purchase. yet subsequently the lawns might in all probability be reported interior the settlement alongside with what maintenacne is predicted of you. despite criminal duty there may well be, until the sale completes you are the owner and the shopper has no genuine to return to the valuables, mow the backyard, or do something.
2016-12-14 08:23:34 · answer #5 · answered by ? 4 · 0⤊ 0⤋
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2016-12-17 02:51:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No one can force you to buy the home... but yes, you will lose your earnest money deposit and you face serious legal consequences. http://www.choicerealestate.net/
2007-10-05 10:08:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
YOu can't be forced to go through with the sale, but you can be sued for the costs of the other side,
2007-10-05 06:25:06 · answer #8 · answered by Sal*UK 7 · 0⤊ 0⤋