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TOPIC: Re:What happens of purchase deal falls through
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What happens of purchase deal falls through 8 Months, 2 Weeks ago
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What happens if the purchase of property falls through under the following circumstances:
1. before S n P is signed.
2. after S n P is signed
3. what legalities involved, if any
4. who gets what as probably the downpayment is already paid and fees to the lawyers.
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Re:What happens of purchase deal falls through 8 Months, 1 Week ago
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1. before S n P is signed.
if it's because the terms of s&p can't be agreed, then the deposit is returned. else, if it's because one party fails to sign, then the 2% deposit is kept or the seller gives back the deposit and gives a further amount equal to the deposit
2. after S n P is signed
lose the 10% deposit, if the buyer doesn't pay the 90%
I think questions 3 and 4 and answered above.
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