Reply To: Buyers didn’t complete..what now…?



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…! 😉