The "Real Estate Questionnaire Board" is a forum where the president of Rich Road Real Estate Investment Co., Ltd. solves questions and concerns regarding real estate investment.
Look for questions that are similar to yours or that have solved your question in the past.
Question bulletin board
Question title: Special loan agreement
If I get a loan agreement from a bank in connection with the purchase of a real estate for investment, and the final loan cannot be received from the head office of the bank after concluding the sales contract, will the full payment of the contract be refunded?
There is a loan special provision in the sales contract, but there is no description of the contract cancellation deadline if the loan is not approved. The settlement date and time is also decided, and the bank has received an unapproved contact a few days before.
(The penalty for cancellation due to breach of contract is stated as 10% of the selling price.)
The necessary procedures for financing are implemented without any problems.
The seller incurs costs associated with exterior wall repairs, water supply repairs, and surveys when the property is handed over.
In this case, the above 10% penalty will be incurred, or if the deposit is 100 million yen, it will be fully refundable, or the repair cost will be deducted from the deposit and the buyer will bear the refund request? ? Thanking you in advance.
Regarding the special loan agreement.
Hello.Thank you for your question.If there is a statement such as the following as a loan special clause in the contract, if the necessary procedures for financing are carried out without any problems, it will not be a breach of contract, and the money received by the seller will be fully paid to the buyer. will be returned to -------------------------------------------------- ------------------------------------------------- This Agreement is for Buyer is concluded with a financial institution on the condition of borrowing ____ million yen, and in the unlikely event that the approval of the financing financial institution cannot be obtained for all or part of the above loan, the purchaser will may terminate this Agreement without breach of contract.In this case, the seller must return the full amount of money received to the buyer and cancel this contract.However, this does not apply if the buyer delays submission of necessary documents such as documents to financial institutions after concluding this contract or changes the place of work. -------------------------------------------------- ------------------------------------------------- Per sales contract Since the terms of the contract are different, I cannot give a clear answer unless I confirm the terms of the contract.I can only answer like this, but please confirm.
no Image
Answer staff: Rich Road Staff
