Nov 8 2024, 04:59 PM
QUOTE(iGamer @ Nov 8 2024, 04:24 PM)
I think the bank may also willing to cancel since it’s high risk for them too (if shit happens, buyer probably unable to continue pay instalments and the prop no longer around to be auctioned).
But the developer will not let the buyer off the hook so easily.
Nope the bank will not cancel the buyer's loan just because there is issue with the construction or even if the project is abandoned.But the developer will not let the buyer off the hook so easily.
Because bank already release part of the loan amount (maybe 50%-70%) to developer based on the stages of completion of the project.
So buyer will need to pay back the partial released loan amount plus interest back to the bank, even though the project is abandoned.
Most likely the developer will abandon the project if it is a major structural failure (cannot be patched back or repair), because it is more cost efficient to just lari
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