Posted by
betwoi
17 yrs ago
Hi
I've just signed a prelim contract. All conditions standard, including closing within 45 days. Wonder if anyone has tried to negotiate with the landlord to start renovating the place before settlement date. If yes, did you have to draft a separate contract saying each party will continue to close the deal. I know there's the risk that one party can withdraw (and lost the original deposit of 10% plus agents fees).
Thanks for your advice.
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Additional 10% it applies to the seller. This is because they had collected the 10% from the buyer, which means if if the seller cancels, he/she will have to refund the 10% and pay a penalty of 10% out of his/her own pocket for compensation...+ agent fees for both side..
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