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Contract query

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  • 15-06-2021 7:47pm
    #1
    Housegate2021
    Registered Users Posts: 1 ✭


    Hi all, going unreg for this. Just wondering if anyone has had experience in this before. My partner and I have paid a 5k deposit on house in a new development with an expected completion date of December 2021. We signed the contract in early May. Our solicitor was concerned that the developer would not provide house plans to any of the buyers so all we had to go on what was advertised in the brochure. We are now having second thoughts as we were over at the site a few days ago and were alarmed by how narrow the house is. If we were to pull out what's worst case scenario. If we lose the deposit that's fair enough but could there be any legal fallout from pulling out seeing as both parties have already signed?


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    #2
    niniboots
    Registered Users Posts: 64 ✭✭niniboots


    I'm sure that's worrying, from my very basic knowledge you can withdraw from a sale agreed, once you have not signed the contracts. The booking deposit is refundable but again only if contracts of sale have not been signed/agreed. When the contract is signed the 10% is paid. If you have signed legal contract to purchase in full and you just back out, then you forfeit the full 10% and if you read legal documents they can compel you to finalise sale.

    However, there is a loan clause in contracts, that if you have difficulty drawing down your mortgage, or the bank valuation is under sale cost for example, that you can withdraw without penalty, but you really need to speak with your solicitor and see what options are there for you from a legal position.

    We received a full solicitor pack from developers solicitor and they highlighted all 'the burdens' on the sale. The plans, scale and architectural drawings were included. There were issues with planning, permission for sewer system and other things we were not happy to continue with sale but we had not signed contracts, so our booking deposit was refunded. Our solicitor actually advised us really well.

    We also downloaded the planning application files and saw the square footage, (sq mrts), the type style and layout. It seems unusual that you would not have received the measurements even in brochure.

    I hope it works out for you, maybe you need to check contracts and see what you actually signed.


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