There have been recent widely publicised examples of buyers failing to complete the purchase of a property on the contractual completion date.
Often this is in cases where a developer buyer has used a company specifically formed for the purposes of buying the property (a Special Purpose Vehicle or ‘SPV’). In these cases the seller is often left with a relatively small deposit and no real ability to take actio.n against the SPV which is likely to have little or no assets.
Sellers should try and protect their position in a sale transaction by considering the following points during the legal process:
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