Oct 4 2012, 07:21 PM
QUOTE(trusted519 @ Oct 4 2012, 10:46 AM)
tq recoil. So can i assume that if loan is not approved and S&P also not prepared after 15 days from the date of acceptance , me as vendor wanted to pull out, its reasonable for me to just refund the deposit without any compensation needed?
That is the case now actually.
it is all about the fine print in the letter of offer both sides signed.That is the case now actually.
if stated in letter and buyer can't get loan, the deal is off.
if buyer accepts the cancellation, all is well and good. if buyer has loan approved and wants the deal and u want to get off, you need to pay the stipulated compensation. the time given is not all overriding as in the eyes of the law, everything is about being "reasonable" and "time is of the essence".
if you one sided renege on the deal, buyer can caveat yr prop, make life difficult for you if he wishes and willing to spend some money on lawyer.
this situation applies to both fickled minded buyers and sellers. one must be responsible when signing a contract, both sides.
you may want to ask this question in the laywer thread, someone there can help clarify for you, i think.
This post has been edited by AVFAN: Oct 4 2012, 07:22 PM
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