Some buyers against me ask me» What`s wrong with the advance in a real estate contract? In any case, as a buyer, I will have to pay this amount to the seller at a later date. I agree that at the end of the day, you will have to pay 100% in return, but timing is just as important. The head-on charge of the payment means an increased risk for a buyer. Therefore, it is important to clarify the details of the down payment in a real estate contract with the seller and the real estate credit provider before signing on the tip line. In the case of a sale of a property that has preferably paid money when the «sales agreement» has been signed, but finally, because of its voluntary and voluntary premeditation, the buyer did not conclude the sale within the 4-month period agreed by the buyer and seller, and one of the clauses of the «sale agreement» explicitly states that the buyer retains the advance granted if he does not complete the purchase within the agreed time frame. , can the buyer request the return of the advance paid? And legally, can it be interpreted as a «rotten amount» because of the buyer`s failure to comply with the terms of the «sale» agreement? Are there any precedents in Supreme Court judgments? Their help and cooperation would be greatly appreciated. «The best part of this section is that homebuyers first enter into a purchase agreement and then pay the amount of the reservation. The advantage they get is that they then know every detail of the project as well as the terms and conditions before making a payment to the developer. That is not the case now. Today, home buyers pay the amount of the reservation and then wait several months before the developer submits a contractor contract. In many cases, the contractor`s buyer`s contract is signed after home buyers have paid 30% of the total cost of the project,» says DK Garg, a Supreme Court lawyer. 3. Please note, there is no mention in the agreement above a termination of the contract, if the deadline is not met for the balance, and there is also no such clause to cancel the advance of people who have recently purchased real estate complain that, in the absence of a real estate regulation, payment of the amount of the reservation , which is usually 10% of the cost of the project, is a «trap» designed for them by developers. Since a contractor-buyer contract is signed several months after the payment of the booking amount, the developers take advantage of it and put unfair and unilateral conditions on home buyers in the agreement.
If a Homebuyer protests, developers may lose the booking amount. The rule of thumb is that as a buyer, you should not pay more than 20% of the value of the real estate to the seller before registering the real estate. The higher the reason for the amount paid, the greater the risk to a buyer. In my article, 5 points a real estate buyer should not tell a seller I share that you do not share % of the funds that you will pool from his own sources. In a recent request from one of my clients, he planned to pool 70% of funds out of his pocket and use the balance at 30% as a real estate credit.