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can i sell an investment property imediately without completing the purchase

  • 18-09-2006 12:40pm
    #1
    Garyr1
    Registered Users, Registered Users 2 Posts: 23 ✭


    :confused: Hi There,

    Does anyone know if i can sell an investment property imediately without completing the purchase. I put a depost of 10k down on an investment property 6 months ago (will not be ready until summer '07), but my circumstances have changed and i will probably now be unable to get another morgtage to cover the purchase. If legally i am unable to sell on, can i get my 10k back if i just back out of the deal altogether.

    Thanks
    G


Comments

  • #2
    seamus
    Registered Users, Registered Users 2 Posts: 68,317 ✭✭✭✭seamus


    It depends on what you have or haven't signed. Usually when buying a property from the plans, you put your depost down, then three weeks to a month later you sign legal documents indicating your intention to buy, and then you give them the balance of 10% of the price you're agreeing to pay.

    The consequences if you back out or otherwise can't buy do vary, though I can't see many builders being too strict - they're not going to have any difficulty selling it to someone else.

    Talk to your solicitor, and bring with you any documentation that you've signed. If it's a matter of transferring the deal to someone else, give me a PM ;) I'm looking at setting up something like this at the moment, with the aim of paying for it later on...


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