Oftentimes a celebration of signing over the transfer contracts for a property sale – can unfortunately be, due to various factors, tainted by a delay in the handing over of the property.
For this reason, property developers often insert in the contract a so-called ‘tolerance clause’ in the case of such a delay in relinquishing the property. This would now be legally recognized and should it occur – under the clause, the transfer should not take longer than 180 days – this being clearly stated.
Going beyond this deadline and the property not having yet been transferred, the buyer has a right to legally seek termination of the contract with a full monetary refund, in addition to compensation for any damages.
Ideally, it is important that the buyer seeks out legal expertise specializing in the avoidance of such problems, as generally speaking – if contact negotiations and legal rights are resolved and clarified between all parties to begin with (buyer and constructor / seller) then the transaction can hopefully be observed with minimal prejudices.
Any further questions regarding property rights?