๐ง ๐ก๐๐ช ๐ฃ๐ข๐๐๐๐ฆ๐ง: ๐ช๐ต๐ฎ๐ ๐ฐ๐ฎ๐ป ๐ฏ๐ฒ ๐ฑ๐ผ๐ป๐ฒ ๐ฎ๐ฏ๐ผ๐๐ ๐ฝ๐ผ๐๐-๐ฒ๐ ๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ ๐ณ๐ฎ๐น๐น ๐๐ต๐ฟ๐ผ๐๐ด๐ต๐?
Property transaction fall throughs is the topic of the latest ๐ง๐ผ๐ฑ๐ฎ๐โ๐ ๐๐ผ๐ป๐๐ฒ๐๐ฎ๐ป๐ฐ๐ฒ๐ฟ podcast; specifically how to tackle situations when there is an issue between exchange and completion.
Although admittedly rare, the consequences can be chastening; and this was certainly the case for the sister of former director of FTSE 100 wealthโmanagement business St Jamesโs Place ๐ฃ๐ฒ๐๐ฒ๐ฟ ๐ง๐ต๐ผ๐บ๐ฝ๐๐ผ๐ป.
A protracted sale of the family home, complicated by divorce proceedings, fell through on the day of completion. Although the purchaser forfeited their 10%, the knock on impact for Peterโs sister was much more consequential.
The experience led to the creation of ๐๐น๐ผ๐๐ฒ๐๐๐ฟ๐ฒ. a property purchase option contract. Once a seller has accepted an offer, they may apply for Clozesure, which validates the agreed sale price and guarantees to buy the property within 10 days for 90% of the agreed sale price in the event of the sale collapsing; funds that allow the seller to complete their onward purchase and prevent a chain collapse.
๐ ๐๐ถ๐๐๐ฒ๐ป ๐๐ผ ๐๐ต๐ฒ ๐ณ๐๐น๐น ๐ฝ๐ผ๐ฑ๐ฐ๐ฎ๐๐ - https://t.co/jokx1iIFTW
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