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Specific Performance

In January I made an offer for a property. Due to the death of one of the joint owners there was a delay. Contracts have now been exchanged and agreed but now due to financial problems I may have a problem completing this. If I do not complete, is it likely that I will be sued? Contracts have not yet technically been exchanged.

Asked on May 30 2012, General in Newport | Report content

Answers (1)

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  • I am a solicitor. Your question does not make sense. You say contracts were exchanged and then you say they were not. Which is it? If contracts were exchanged you are probably liable for ten percent of the sale price at least if you pull out. It is extremely unlikely that specific performance would be applied - in fact I would go as far as to say it would not be applied - but you may well lose the 10%. Maybe offer 5% to rescind the contract?

    Answered on Jun 3 2012, Report content

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