[Anonymous]

We have paid the deposit on an apartment and signed the contract I think some buiding work has started but we no longer want to continue. Is this possible I am aware that I may Loose my deposit.

[Anonymous]

Yes, you´ll lose your deposit.

(sorry, double post)

[Anonymous]

do you know if there would be any other implications by terminating the contract?

[Anonymous]

It should say in your contract what other penalties there may be if you cancel the contract. Do you have an English version of your contract? If not would suggest you get a translation and consult an independent lawyer.

Good Luck

Terry English

[Anonymous]

Depending on the payment terms you face, I would wait until the next payment is due.

In that time, try and sell the contract!

Say for instance you put 20% deposit down, eg 50.000 euros, it is better to try and sell this for 10.000 upwards than walk away with nothing.

Try and find an agent who specialises in ´distressed sales´.

Alternatively talk to the developer, sometimes deals can be arranged with them regarding payment plans, be bold and get your lawyer to negotiate on your behalf.

Good luck which ever way it goes for you.

[Anonymous]

@christine wrote:

do you know if there would be any other implications by terminating the contract?

I can´t give an advice before having read your full contract.

Although talking in general terms, if you´ve ONLY paid a non-refundable deposit, then that´s the only penalty you´ll have. Altough at times you just might be able to recover it, albeit this seldom happens and only after a hard fight.

You must understand that it´s logical to impose you a penalty for pulling out unilaterally from a contract for no contractual reason whatsoever.

[Author]

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