Losing 10% deposit

[Terry_w]

Terms of a contract are negotiatable. No sense in complaining about something later when you didn't consider it up front but agreed to it in writing.

 

[Xjas]

Maybe contracts should be changed to allow vendors to only keep enough to cover expenses and not profit from a failed sale.

The amount of deposit you forfeit when you pull out of a contract serves 2 purposes, the 1st is to cover the expenses incurred by the vendor but the 2nd and equally important is to provide a disincentive for people who enter into a contract to not change their mind and pull out. When a buyers solicitor tell you they cannot complete due to finance or any other reason how do you know if they are telling the truth or have really just changed their mind.

 

[superAndrew]

When a buyers solicitor tell you they cannot complete due to finance or any other reason how do you know if they are telling the truth or have really just changed their mind.

You can't really tell. If you change your mind you can actually tell your bank to not give you a loan, if your contract is conditional to finance.

Never done this myself before but many have told me that they have.

Cheers

Andrew

 

[Rolf Latham]

You can't really tell. If you change your mind you can actually tell your bank to not give you a loan, if your contract is conditional to finance.

Please do not try this at home.

I'd advise folks to seek specific independent legal advice on such a strategy.

Its often that sort of 'actually' assumption that gets peops into legal issues in the first place.



ta

rolf

 

[AlmostBob]

I am only posting after Rolf, is in no way directed at him

OW : the dumb, I CAN FEEL IT, It Burns​

 

[Oscar]

can't believe this old thread of mine is breathing a new life. Those who have read the whole thread would see that in fact I was flexible with the terms, gave the purchaser considerable additional time to close, and everything worked out for buyer and seller to everyones satisfaction.

Any one new to this game please take the advice of this investor "veteran"; take the time to understand the terms and conditions of any contract very deeply and don't assume any flexibility whatsoever.