Legal implications of a defaulted builder project
I made an investment in a defaulted builder project. I paid over 50% of the purchase price. I have no agreement signed as the intention has been that of an investment and a quick sale before possession. Can you please explain the legal implications of this default for ones who do not yet have agreements signed with the company - the only documentation available between the buyer and the seller is an allotment letter and the money receipts. Any other legal options available to me?
The allotment letter coupled with the payment receipts can be deemed to an agreement and on this basis you may claim against the financial institution.
In any event, you can only have a money claim since the financial institution will always have a first charge over the property.
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