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Can I pull out of contract to buy an affordable home?

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  • 08-03-2009 12:55am
    #1
    Philomena
    Registered Users Posts: 15 ✭


    I signed a contract in January to buy an affordable apartment. Since signing the contract the apartments have been reduced by €150,000. DCC have reduced the clawback but not the price.

    Price of affordable apartment - €240,000
    Price of apartment on open market - €250,000

    It is valued at €290,000.

    Can I pull out of the contract as I am now not getting an affordable apartment? There is now only €10,000 in the difference. I feel very upset that they would make me go ahead and buy this apartment when there is only €10,000 in the difference.

    Would I be allowed to buy in the same complex but on the open market?
    Could I speak to the developers solicitor and ask if this would be possible?
    Would anyone have any advice please? Cant afford to walk away without deposit.


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    #2
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    You need to see your own solicitor first.

    Aside:
    This is another illustration of the ill-thought out nature of these so-called affordable schemes.

    If Philomena gets held to the contract, then the tax payer will be forking out the difference between what the Philomena is paying and some much higher amount to the builder. Why are we subsidising the builder when there's vast amounts of unsold apartments around the country?


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