2. Communicate with the repayment bank and see how it works. The loan bank communicates with the developer if the situation is long-term. It depends on whether the auction purchase contract can be stopped first, and the bank mortgage contract can also be terminated.
3. If the developer can't handle the uncompleted residential flats, the buyers can report the uncompleted residential flats through the local media. I hope the local government will come forward and either let the bank continue to inject capital and let the developer complete the real estate project, or another qualified developer will take over the quotation, properly complete the real estate project and continue to perform the previously signed real estate contract. At present, the phenomenon of unfinished commercial housing is mainly in third-and fourth-tier cities, but it is rare in first-and second-tier cities.
What if I buy an unfinished house?
1. If the developer fails to hand over the house on time due to lack of funds, the purchaser may require the developer to pay liquidated damages according to the contract agreement of both parties.
2. If the developer's overdue delivery is seriously overdue, and the conditions for terminating the contract agreed in the contract are met, the purchaser may demand the termination of the purchase contract signed with the developer on the grounds that the developer has overdue delivery, require the developer to refund the purchase price, and bear the liability for breach of contract agreed in the contract.
However, the developer's overdue delivery is usually accompanied by financial constraints. Some developers are even insolvent, and the properties developed by developers are generally provided by bank mortgages. That is to say, even if the buyer cancels the contract, the developer may not be able to return the purchase price, and the bank as the mortgagee can ask for the sale of the property and get the priority of compensation, but the rights of the buyer cannot be protected.
Therefore, it is suggested that buyers should not easily terminate the purchase contract and wait for the developer to hand over the house. According to the laws of our country, consumers have the right to ask the developer to hand over the house after paying all or most of the money, and the rights of the mortgagee and the builder shall not oppose this right of consumers. If the consumer does not terminate the purchase contract, when the house meets the delivery conditions, the consumer can ask the developer to deliver the house to himself.
3. If the developer stops the construction of the site due to insolvency, resulting in the house has been unable to be delivered, buyers can spontaneously apply to the court for the developer to enter bankruptcy proceedings. Once the company enters bankruptcy proceedings, the court may organize the establishment of a bankruptcy liquidation group with the participation of relevant departments. The bankruptcy liquidation team will organize the bankruptcy reorganization of developers and restart the project through third-party capital injection.