Buyers didn’t complete..what now…?

LoadingFavourite

This topic contains 5 replies, has 3 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years, 9 months ago.

  • Author
    Posts
  • #54791
    Profile photo of Anonymous
    Anonymous
    Participant

    I have some buyers who didn’t complete on our house after signing a contract, they are now asking for half of their deposit back, which we are not going to return.

    Even though the contract stated they must complete before a set period or lose their deposit, that period has passed. We have been advised to get them to sign a contract saying they cannot buy the house and allow us to sell to someone else (if any buyers exist!!). What happens if they refuse to sign this, do we have to send them a registered letter to attend the notarios office and complete or forgo the money??? Or can we simply just sell…?

    Thanks Ian

  • #90525
    Profile photo of Inez
    Inez
    Participant

    Can I assume its a standard Arras contact both parties signed? In which case they havent a leg to stand on and Im sure they will refuse to sign anything stating you are free to sell.

    If you had been the villain of the peace then they could have forced through the sale, but in this case theres no way. Even if they kicked up a fuss no notary would take it seriously.

    Hopefully you will find a buyer quickly

  • #90527
    Profile photo of Anonymous
    Anonymous
    Participant

    Yes standard contract(s), it’s been going on for a while, since Dec 2007, when 1st contract signed.

    1st contract stated they would loose their money if they didn’t complete or we would have to pay double in our case.

    As they couldn’t get a mortgage we then signed another contract at a lower price agreed by all parties, this made no mention of the previous deposit, but said that ‘If either party doesn’t resolve the contract, both parties do not have a right claim against each other’ (see below).

    Si llegado el día 14 de noviembre de 2008 la escritura pública de compraventa no se otorgara por causa imputable a cualquiera de las partes se resolverá el contrato de pleno derecho sin que ninguna de ellas tenga nada que reclamar a la otra, y ello sin necesidad del requerimiento a que hace referencia el artículo 1504 del Código Civil

    We have then been trying to negotiate an option of rent to buy, but due to tax costs they cannot go ahead with this. (They would have had to pay most of tax up front even on money they have not paid to us). So in the end they gave up and asked for 1/2 of the deposit back.

    We don’t have a mortgage on the property, so can wait for a buyer, we are NOT optimistic…! 😉

    Ian

  • #90531
    Profile photo of Anonymous
    Anonymous
    Participant

    If you had a lawyer working for you he would had advised you to book the notary appointment for the last day of the contract. Then if the buyers don’t turn up, the notary signs the paperwork which states such and the deposit is yours to keep .

    You can then proceed to market your property again.

  • #90532
    Profile photo of Inez
    Inez
    Participant

    You could go ahead and book notary for tomorrow I suppose, but then thats out of contract date and you may be seen to opening a new contract.

    If the 2nd contract was sugned after the first and stated no deposit, then why are they asking for it back? The have cancelled 2 contracts.

    Refuse the deposit repayment and see what happens, I cant see they have any grounds against you.

  • #90538
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Inez.

    Buyers come on down……..house for sale…..!

    Ian

You must be logged in to reply to this topic.