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Contract signed - walking away

  • 08-07-2008 3:29pm
    #1
    jaykay74
    Registered Users, Registered Users 2 Posts: 6,594 ✭✭✭


    If you have paid a deposit on an Apt, signed a contract and are now not in a position to complete the sale does anyone know the position in terms of the penalties for not fulfilling the contract ? Someone I know is in this position and last I heard it was going to court. I'm not sure what can be done though as it was explained to me that the purchaser no longer has the funds available to her to complete the purchase.


Comments

  • #2
    lynchie
    Registered Users, Registered Users 2 Posts: 2,013 ✭✭✭lynchie


    jaykay74 wrote: »
    If you have paid a deposit on an Apt, signed a contract and are now not in a position to complete the sale does anyone know the position in terms of the penalties for not fulfilling the contract ? Someone I know is in this position and last I heard it was going to court. I'm not sure what can be done though as it was explained to me that the purchaser no longer has the funds available to her to complete the purchase.

    Depends what was in the contract. Some people had clauses in their contracts that the sale was subject to mortgage approval etc.. but most had no clauses like that. In that scenario, its a legal contract and developer can bring you to court to complete the sale. If you dont have the funds, they can sell the property themselves and pursue the individual for any shortfall in the sale. Some people just dont read these contracts or understand the consequences of signing them :confused:


  • #3
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    Do you mean sale or purchase?
    jaykay74 wrote: »
    ... to complete the sale ... to complete the purchase.

    The buyer can sue for specific performance - that the contract is completed.

    The seller can sue for their money - or at least their costs plus the different between contract price and market price.


  • #4
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    Victor wrote: »
    Do you mean sale or purchase?

    The buyer can sue for specific performance - that the contract is completed.

    The seller can sue for their money - or at least their costs plus the different between contract price and market price.

    A seller can sue for specific performance and if the buyer fails to complete, the seller can then seek damages in lieu. An equitable remedy must be available to both parties in a contract


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