Move in, renovate before payment

Hello everyone,

we signed the purchase contract for our house at the beginning of this week. Existing property. The actual date for payment and handover was August 1, 2020. I just received a message from the seller that his bank cannot manage the early repayment etc. by August 1, 2020, the date would be September 1, 2020. He has apparently already informed the notary about the circumstances.

By email, however, we also received permission that he has no problem if we move into the property starting August 1, 2020, or begin painting etc.

Problematic?

Regards

Leinad!

Problematic?

Only if you spend a lot of money on the renovation and the purchase is then reversed again – for whatever reason – and you would have to move out again. If there are no special conditions in the purchase contract, I would do it without hesitation.

Only if you spend a lot of money on the renovation and the purchase is then - for whatever reason - reversed and you would have to move out again. If there are no special conditions in the purchase contract, I would do it without hesitation.

Actually rather manageable, have the parquet floor sanded, install 2 new toilets and possibly a new kitchen countertop. We will paint ourselves, renew the grout as well.

My thinking was in the direction of transfer of liability etc.

I had the case that the seller's bank did not agree to the cancellation of the mortgage. It then took over 6 months until a solution was found. I don't want to say that it has to come to that, but I have the prepayment penalty calculated beforehand before I sell.

Hello land register. The first discussions were in February/March, the bank was already contacted by the buyer. I also don't quite understand why the bank can't manage this in 3 weeks.

When in doubt, Corona. The banks I contacted for my financing all received the documents from me before the public measures and all took at least 3 weeks for the simplest matters. And then everything also separately and without any initiative. I think they are all simply too complacent and because of the low interest rates the margins are too small. They no longer have any desire to deal with complicated cases where they actually have to do something.