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When an option to buy is made the purchaser puts down a deposit, which will be lost if they withdraw from the sale. However, I believe that should the seller withdraw, they are liable for twice the deposit to be paid in compensation to the buyer? Does this happen ? It seems to me that unless the seller deposits the funds with a notario when the option to buy is made, then the buyer would have an impossible time enforcing that condition.
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@Mexberry wrote:
When an option to buy is made the purchaser puts down a deposit, which will be lost if they withdraw from the sale. However, I believe that should the seller withdraw, they are liable for twice the deposit to be paid in compensation to the buyer? Does this happen ? It seems to me that unless the seller deposits the funds with a notario when the option to buy is made, then the buyer would have an impossible time enforcing that condition.
You would have to take them to court if they did not uphold their side of the contract. Also it shoudl be stated quite clearly in any contract what the penalties are should either party pull out. The danger is when things can be left to interpretation.
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@Mexberry wrote:
When an option to buy is made the purchaser puts down a deposit, which will be lost if they withdraw from the sale. However, I believe that should the seller withdraw, they are liable for twice the deposit to be paid in compensation to the buyer? Does this happen ? It seems to me that unless the seller deposits the funds with a notario when the option to buy is made, then the buyer would have an impossible time enforcing that condition.
If you have the right Private Purchase Contract, the Seller cannot withdraw from the sale without a penalty of at least twice the deposit being, and that will be enforced and quickly, and really the seller is in deep if they try to avoid doing so. But you as ever – need a good law firm – to represent your interests in that contract.
I know of any number of sellers who have looked to withdraw and either a) abandoned the idea or b) paid over the double deposit very quickly. It is one of the few things that usually works as it should do.
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