Hi guys, Has anybody put a deposit on a property, waited until the place was about to complete, then done nothing? I am due to complete an apartment in Sandyford soon, I'm not going to complete...I know there are a huge amount of investors feeling the same way....Mortgage finance for buy to lets nearly impossible so I cant close. I imagine the developer will be on with letters, solicitor's letters etc. I would be very interested to hear people's experiences who have been unable to close a new off plan purchase in Dublin.
Fascinating!
I see no actual breach of contract situation here - just a straight forward - I'm not going to complete.
I think it is hugely important that posters/viewers get a simple concept into their heads.
CONTRACTS ARE BINDING UNLESS THERE HAS BEEN A SUBSTANTIAL BREACH.
"ME NO LIKE" IS NOT A SUBSTANTIAL BREACH.
mf
There are a few threads about this topic and unfortunately no-one really knows in this climate what developers will do. The developer would be entitled to sue you for specific performance of the contract as you probably know but it is impossible to know if they will. If their bank put a lot of pressure on them they may be forced to issue proceedings against you. If the developer is in trouble then they may already be being sued by suppliers, sub-contactors etc.
How long has the apartment taken to build, you could look at how long they had to construct the apartment under the building agreement and see if they have gone over time. By no means an out but might give you an argument.
So are you saying mf, that the developer would have no grounds to sue if the OP just decides not to complete?
I know that the developer can pursue me because I will breach the contract but will he??
How do you know there are cases being taken?Hi Frank, as I said above, what the developers are doing in these cases is persuing multiple people from the same development in a single case (a sort of Class action),
From what I've heard developers (in conjunction with their backers) are doing their due dilligence on those in breach of contract to guage the merits in proceeding against them. This is being done on an individual basis.
They're also looking at family money here.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?