How much liquidated damages you have to pay when you check out because you can’t get a loan?

How much liquidated damages you have to pay when you check out because you can’t get a loan mainly depends on what is in the house sales contract. Whatever is agreed upon, it can be handled according to the agreement.

1. Under normal circumstances, if the loan cannot be obtained and the buyer checks out due to running water, it is a breach of contract by the home buyer. Not only will he have to pay liquidated damages, but the deposit will not be refunded. As for the proportion of liquidated damages, in most cases it is one ten thousandth of the total house price, but the specific proportion depends on what is agreed upon in the "Commercial Housing Sales Contract" signed by the buyer and seller at the time.

2. In order to avoid this situation from happening, when signing the "Commercial Housing Sales Contract", you can make an agreement on the possible problems of not being able to get a loan and check out due to running costs, so as to nip it in the bud. . Therefore, it is recommended that home buyers make a clear agreement when signing a commercial housing sales contract with the developer. If they cannot obtain a loan because they have not passed the bank loan review, the home buyers can check out and will not be liable for breach of contract.