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I don't know the specifics. But I live in an Eastern European EU country. The usual process is the buyer gives 10% of the selling price deposit and specifies th
by medo-bear 3y ago
I don't know the specifics. But I live in an Eastern European EU country. The usual process is the buyer gives 10% of the selling price deposit and specifies the date by when the contract must be completed (usually 3 months). If either party does not honour the contract they pay the fee equal to the ammount of the deposit. This is usually much more than few thousand euros. Moreover the title deeds are publically available. The usual practice is to not hand over any deposit until the buyer is satisfied that the title deeds are all in order.
- scns 3y agoInteresting, first time i hear about this. Great solution to prevent fraud.
- ilyt 3y agoUsually (well, here in Poland) it's around 10% of value, that buyer loses if they change mind but seller have to pay 2x if they back off. Then usually after signing that you can get the mortgage (at the very least it is much easier if bank gets the papers showing you're in progress of buying home). After you sign the final deal, you pay and you are then written down (and bank, if you buy with mortgage) into land and mortgage register (which in my language is just called "perpetual book", funnily enough). There is a bit more complexity when buying some old stuff that might not have entry in the registry, like my grand-grandfather house only have some documents for getting land from government after war and then them giving it to grandchildren few decades ago
- pmontra 3y ago> Usually (well, here in Poland) it's around 10% of value, that buyer loses if they change mind but seller have to pay 2x if they back off. Same procedure in Italy with the difference that there is no mandated amount. Of course the higher it is the less likely is that the seller backs out of the deal.