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What happens of purchase deal falls through
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TOPIC: What happens of purchase deal falls through

What happens of purchase deal falls through 2 years, 11 months ago #3834

  • Annabelle
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What happens if the purchase of property falls through under the following circumstances:

1. before S n P is signed.

2. after S n P is signed

3. what legalities involved, if any

4. who gets what as probably the downpayment is already paid and fees to the lawyers.

Re:What happens of purchase deal falls through 2 years, 11 months ago #3851

  • paulbarton
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1. before S n P is signed.
if it's because the terms of s&p can't be agreed, then the deposit is returned. else, if it's because one party fails to sign, then the 2% deposit is kept or the seller gives back the deposit and gives a further amount equal to the deposit


2. after S n P is signed
lose the 10% deposit, if the buyer doesn't pay the 90%


I think questions 3 and 4 and answered above.
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