ᐅ Land Purchase – Legal Review / Penalty Clauses / Reservation?
Created on: 26 Apr 2017 21:28
E
erdbaerchi
Hello!
On Friday, my husband and I have an appointment with a home builder since our favorite plot is now available for us *excited*
On the phone, the friendly gentleman said it would be an introductory meeting where everything would be calculated. We would then have the extended weekend to make our decision.
Now I’m feeling a bit pressured because I know there are other interested parties in case we don’t want to proceed. A friend advised us to have the contract reviewed by a lawyer right away and to insist on penalties for construction delays. Has anyone had experience with this? We have never dealt with a lawyer before...
What happens if we sign the contract on Tuesday but, for whatever reason, financing doesn’t come through? Does the contract simply become void?
Everything seems to be moving so quickly, and I’m not sure if the short “consideration period” is normal.
Looking forward to your answers 🙂 Best regards, Kati
On Friday, my husband and I have an appointment with a home builder since our favorite plot is now available for us *excited*
On the phone, the friendly gentleman said it would be an introductory meeting where everything would be calculated. We would then have the extended weekend to make our decision.
Now I’m feeling a bit pressured because I know there are other interested parties in case we don’t want to proceed. A friend advised us to have the contract reviewed by a lawyer right away and to insist on penalties for construction delays. Has anyone had experience with this? We have never dealt with a lawyer before...
What happens if we sign the contract on Tuesday but, for whatever reason, financing doesn’t come through? Does the contract simply become void?
Everything seems to be moving so quickly, and I’m not sure if the short “consideration period” is normal.
Looking forward to your answers 🙂 Best regards, Kati
C
Caspar202026 Apr 2017 22:53If developers are involved:
You might be able to make a binding reservation after the long weekend. Sometimes this involves a fee (often three digits).
The actual purchase contract must be notarized. Meanwhile, sort out the financing. And only sign at the notary once the financing is secured.
You might be able to make a binding reservation after the long weekend. Sometimes this involves a fee (often three digits).
The actual purchase contract must be notarized. Meanwhile, sort out the financing. And only sign at the notary once the financing is secured.