Can I get the 10% amount of the property value back?
1 year ago
Hi,
I was planning to buy an Apartment in Bangalore from Brigade and paid 10% of the total sale agreement. The loan is not yet disbursed but I want to back out now since my company has announced layoffs. Can I get my money back that I have paid to the developer?
A.Hello,
It depends on why you are backing out of the deal. There are certain contingencies covered in most real estate contracts protecting the buyer. If you back out of the contract for an approved contingency, you will get your earnest money back.
You can expect your earnest money back if:
The home doesn’t pass inspection.
The home appraises below its sale price.
You are unable to obtain a mortgage.
The home has title search issues.
You might not get your earnest money back if:
You don’t meet the deadlines listed in the contract for inspections and appraisals.
You have a change of heart.
It depends on why you are backing out of the deal. There are certain contingencies covered in most real estate contracts protecting the buyer. If you back out of the contract for an approved contingency, you will get your earnest money back.
You can expect your earnest money back if:
The home doesn’t pass inspection.
The home appraises below its sale price.
You are unable to obtain a mortgage.
The home has title search issues.
You might not get your earnest money back if:
You don’t meet the deadlines listed in the contract for inspections and appraisals.
You have a change of heart.
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A.Dear Sir,
You may request the builders to refund your advance amount. Normally, they will retain 10% of your advance amount and refund the remaining.
You may request the builders to refund your advance amount. Normally, they will retain 10% of your advance amount and refund the remaining.
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