Sale of Apartment Contract

M

maevis1

Registered User
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Hi all.

Just wondering if someone could shed some light on the following situation.

Friend of mine purchased an apartment early last year, (March 04) in a development due for completion next January (06). Contracts etc. were signed. Recently she was offered a career move unexpectedly. However this would involve a move to the US. Is it possible for her to sell the contract someway? I believe all units in the development have sold out. The move is due to happen before the end of the year. If this is possible how would she go about doing this? Is there anywhere she could find out more about it?

She does not want to miss out on this job. She is also unable to afford the purchase & repayments of the one in Ireland as well as a either buying again or renting in the States.

Any advice or comments appreciated.

Regards,
 
Technically once she has signed the contract, she is bound into purchasing the apartment.

However, afaik her best bet would be contact the selling agent and explain her prediciment to them. IF they have a prospective purchaser for the apartment for example on a cancellation list - it could be possible to transfer the purchase agreement. I say could, not would. Otherwise she could be left in a position where she continues with the purchase and sells the apartment as is.

If the apartment has significantly appreciated in value over the past 18 months then possibly she could do this, and not be at a loss as regards legal fees etc.

HTH
 
Selling on to a sub purchaser is becoming more common- it may be possible to do so depending on the terms of the contract- she may need the developers consent. As Rainyday said she should talk to her solicitor.
 
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