Buying a home is always linked to certain risks, especially financial risks. Financing also plays an important role here, because without them, the dream of owning a home would in most cases not be realized. Secured is a real estate financing only after the loan agreement is deferred, then there is certainty regarding the availability of the loan amount and the interest rate.
Early conclusion can also cause difficulties
In view of this, it is generally advisable not to wait too long to conclude the loan agreement. However, nothing should be rushed, too early conclusion can also cause difficulties. A particular risk threatens in particular with too long a time interval between loan conclusion and notary appointment.
This experience also had to make a potential homebuyer. She had found the right property on the market and assured the broker directly at the first appointment that they wanted to buy the property. The seller signaled interest, so that both sides agreed on the modalities and agreed a notary appointment. But one day before the planned signature, the seller backed down and decided not to sell the object anymore.
Signed a contract for a real estate loan
This resulted in a legal dispute to which the German lawyer hotline pointed. The potential buyer demanded a compensation, which she justified with costs from the resignation of a mortgage. The woman had ensured at an early stage that she could finance her project and therefore signed a contract for a real estate loan.
However, there was so much time between the conclusion of the contract and the planned notary appointment that the revocation period was exceeded. Although the woman was able to get out of the loan agreement, but had to pay fees of about 9,000 euros to her bank.
Then there was a legal case
The property owner refused to pay these costs. Then there was a legal case, which was heard in second instance before the Higher Regional Court Saarbrücken. The plaintiff could not assert itself there because from the point of view of the court the freedom of contract has to be valid – the seller would not have had to give a definitive pledge until the notary’s deadline. The backtrack is legitimate. The fact that costs were incurred due to the construction financing, was the risk of the plaintiff.