Many property buyers can't go through the mortgage formalities after signing the purchase contract with the development enterprise, and finally they can only choose to return a house because they can't pay the purchase price. However, since a formal purchase contract has been signed with the developer, it is a breach of contract for buyers to choose to return a house because they cannot pay the purchase price. Therefore, property buyers should bear the responsibility for breach of contract, and some property buyers even have to pay liquidated damages to developers because they return a house.
There is no doubt that mortgage loan has become the main way for people to raise funds for buying houses, so the success of the loan is related to the smooth progress of real estate transactions. However, in real life, the refusal of housing loans also happens from time to time, so who will bear the consequences of default caused by the bank's failure to approve loans?
According to the relevant laws and regulations, if the buyer fails to conclude a commercial housing secured loan contract with the bank due to the parties themselves, the other party may request to terminate the contract and compensate for the losses.
If the secured loan contract for commercial housing cannot be concluded due to reasons not attributable to both parties, and the purchase contract cannot be continued, the parties may request to terminate the contract, and the seller shall return the principal of the purchase price and its interest or deposit to the buyer.
The above legal provisions are expressed in common language, that is, if the loan cannot be obtained due to the buyer's poor qualification or the seller's property rights, the buyer and the seller can claim compensation from each other without fault; If the loan cannot be made due to external reasons such as tight bank loan quota, it does not constitute a breach of contract. The seller shall refund the money paid by the buyer, but cannot claim compensation.
In order to avoid the above situation, it is suggested that before signing the purchase contract, the purchaser should consult the loan bank in detail while listening to the opinions of the developer, understand the conditions and requirements of loan approval, and have certain psychological expectations on his repayment ability and whether he can be approved for the loan.