Questions & Answers
Can I terminate property purchase and recover my deposit because it is mortgaged?
Hello,
I paid a deposit for a property from the developer, with their own financial plan. I signed a reservation form with this deposit.
However, I found out this property is mortgaged during due diligence, even though they showed me a title deed stating clearly "not mortgaged".
Can I walk away from this transaction and recover my deposit?
Thanks in advance
Dear Questioner,
We can assist in the advice for the refund when we review the documents and discuss them further.
The property should be free of mortgage as the mortgage means that there are rights in favor of a bank.
And if they mistakenly sold it to you, the amount should be refunded.
Regards
Sayed Abdalla
Dear Questioner,
You can certainly ask for a refund in this case.
However, we would need to review all the relevant documents to advise you in detail.
You can call us on the phone to discuss this.
Regards.
Depends, we have to review what is the agreement between you and them.
