buyer pulls out

[woody234]

the compromise de vent has a date for completion of the sale by the end of august but the buyer cannot get a mortgage at the moment but will get a mortgage by october, they have paid money to the estate agent and notaire, can the seller refuse to sell after the august date

[mint]

I'm also interested in this as I always thought that the completion date was a moveable feast and was normally agreed between the buyer and seller and depended on when the notaire could get his act together?

 

[Swissie]

Thing is, what if the mortgage does not materialise in October? Do you have any guarantees? I have no idea about the legal reality. Would you in fact prefer to be released from the sale, because you now feel you could get a better price, or have somebody else interested?  I would be interested to know if in fact the deposit paid is due to you, if they can't go ahead at the time agreed. Bonne chance.

[parsnips]

[quote user="woody234"]the compromise de vent has a date for completion of the sale by the end of august but the buyer cannot get a mortgage at the moment but will get a mortgage by october, they have paid money to the estate agent and notaire, can the seller refuse to sell after the august date[/quote]

Hi,

     If the "compromis" contains a "clause suspensive" making the sale dependant on the obtaining of a mortgage, then the purchaser can withdraw at the set date without penalty if no mortgage has been obtained. If he is saying that he wishes to continue , and will have a mortgage later, then unless the seller has a reliable better offer, then in the present state of the market he would be wise to wait.

[PaulT]

[quote user="parsnips"][quote user="woody234"]the compromise de vent has a date for completion of the sale by the end of august but the buyer cannot get a mortgage at the moment but will get a mortgage by october, they have paid money to the estate agent and notaire, can the seller refuse to sell after the august date[/quote]

Hi,
     If the "compromis" contains a "clause suspensive" making the sale dependant on the obtaining of a mortgage, then the purchaser can withdraw at the set date without penalty if no mortgage has been obtained. If he is saying that he wishes to continue , and will have a mortgage later, then unless the seller has a reliable better offer, then in the present state of the market he would be wise to wait.
[/quote]

Parsnips

Is there not the requirement that the buyer has taken all reasonable steps to obtain a mortgage otherwise they are in default and not a case of having done very little or nothing about obtaining a mortgage

Paul

[parsnips]

[quote user="PaulT"]

[quote user="parsnips"][quote user="woody234"]the compromise de vent has a date for completion of the sale by the end of august but the buyer cannot get a mortgage at the moment but will get a mortgage by october, they have paid money to the estate agent and notaire, can the seller refuse to sell after the august date[/quote]

Hi,

     If the "compromis" contains a "clause suspensive" making the sale dependant on the obtaining of a mortgage, then the purchaser can withdraw at the set date without penalty if no mortgage has been obtained. If he is saying that he wishes to continue , and will have a mortgage later, then unless the seller has a reliable better offer, then in the present state of the market he would be wise to wait.

[/quote]

Parsnips

Is there not the requirement that the buyer has taken all reasonable steps to obtain a mortgage otherwise they are in default and not a case of having done very little or nothing about obtaining a mortgage

Paul

Hi,

    In order to be effective the clause suspensive must state how much the purchaser wishes to borrow and with which banks he is negotiating.  A vague statement that he "is looking for a loan" will not do.

[/quote]