After a boom in the real estate market that took place in the last few years from 2015 to now, we have seen a reverse path. The trend is just to increase this number, since there are many reasons that lead to the return and when this occurs panic sets in on the part of those who believed in the dream of buying a house or apartment, as it is understood that they will lose a large amount of amount invested.
But, it is important to remember that those who are experiencing difficulties because they are not able to pay the installments of the property they bought in the plant must know their rights if they wanted to break the contract and return the property, which they have not yet received. This will greatly reduce financial losses.
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The technical term of terminating the contract and asking for back the amounts paid is contractual "termination", in general, all contracts can be terminated. As a lawyer experienced in the experience and monitoring of dozens of cancellations, Gilberto Bento Jr, who is also a partner at Bento Jr. Advogados, listed the rights of those who want to return property in the plant. Check out:
Your rights in the cancellation to return property purchased at the plant
If necessary, you can request the termination in court if you refuse to receive your intention to break the contract. When you give up on the purchase, you cannot lose all the money you paid. The construction company receives the property back, and must return at least 75% of what was paid by the buyer, if the owner is to blame for the cancellation, for not getting a credit line for financing, for example.
Builders cannot retain the entire amount paid
There are cases of attempts to retain the entire amount paid to the construction company, this should not even be considered. The value that will remain with the construction company will only take into account values such as the termination fine and administrative expenses. Thus, if the company wants to retain more than 25% of the amount paid, the owner must go to court.
It is essential to look for an expert in these situations and do not let yourself be pressured, as in many cases they will say that this search for reimbursement of values is unlikely and may force that there is a consensus that will not be the best for the buyer's side. So, the recommendation is not to sign any agreement.
Cancellation must be requested
The first step when realizing that you will not have the financial strength to meet the commitment of the property in the plan is to request the cancellation so that you do not need to continue paying the installments and thus save on the monthly budget.
The cancellation to terminate the obligations established in a previous contract must be requested until delivery of the keys. After that, the buyer takes possession of the property and it is no longer possible to return the property to the construction company. The construction company must return the amount in a single installment.
When the construction company is to blame
There are situations in which the cancellation of the contract can be attributed to the fault of the construction company, it is a contractual termination of liability, when the construction company does not respect the clauses, for example when it delays the delivery of the property, in these cases the return must be 100% of the full amount paid.
We must remember that the return of amounts must be monetarily corrected, that is, the amount must be updated.
Anyway, situations like the ones above are certainly reasons for concern, however it is essential that if you have acquired a property on the plant and have to return it, keep calm at this time, seeking adequate advice, any desperate action could result in heavy damage financial.