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Monday, August 01, 2016

Can a developer put up the price?

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1 comment:

Anonymous said...

Maybe depending on the wording of the deposit.

Some years ago I put a £100 deposit on a flat in a new development.
the site was advertising £70k properties but the developer did not state the price of the flat being built.

When the flat was finished the price had risen to £100k and was no longer a viable proposition as a rental at the current rates so I dropped out and had my option money refunded.

My deposit was treated as a first in the queue option. I was aware of this at the time.

If you put a deposit on a property at a fixed price this is a different story but remember the property laws state that nothing is certain until the fat lady sings ie completion (maybe exchange in most transactions) I have heard of buyers and sellers pulling out after exchange.

Generally you are reasonably safe on a new development but go through the legal process as you can lock the price and considering valuations etc cost money you don't want to suddenly find an increase.