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Clayfarm legally binding contract

  • 29-04-2022 8:33am
    #1
    mohm.kamal
    Registered Users Posts: 63 ✭✭ mohm.kamal


    I know that contracts with Clayfarm (Park) is legally binding, so what if I paid 10% of a unit and the bank for some reasons didn’t close the mortgage (didn’t allow for final withdrawal), can I ask for my 10% then and they release the house to someone in the waiting list for example?


    did anyone encounter such situation before?



Comments

  • #2
    Dav010
    Registered Users Posts: 12,042 ✭✭✭✭ Dav010


    https://www.boards.ie/discussion/2058243713/clayfarm-legally-binding-contract

    If you have already signed the contracts, their solicitor will have already done work answering queries/drawing up contracts for yours. So there will be some cost on your part. Legally, once you sign that contract you are committed to the purchase and you may lose your deposit if you wish to be released from the contract. On the other hand, the seller could be sound and may return your deposit less any legal costs incurred. But you do not have an entitlement to being released from the contract unscathed.

    You really need to discuss with your solicitor.



  • #3
    spaceHopper
    Registered Users Posts: 3,624 ✭✭✭ spaceHopper


    If there is a clause in the contract "subject to Bank approval/finance"... then you could be OK but most developers won't allow that. You could flip it and sell the option to buy it before you close.



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