Hi

Do we have any late delivery penalty fees worked into the contract? Can anybody help?

thanks
Chris

With phase 1, we did have a late penalty built into our contract. TGC, our lawyers, advised us that we should complete (ie receive the flats) and then they could consider whether (perhaps as a group) it was worth making a claim. This would be, for course, for an extra charge.

A little peek at the contract reveals this:
The Parties agree that the final contract for purchase of the Premises shall be concluded in the form of a notarial deed not later than within 60 (sixty) days from the date the Seller obtains a final decision permitting use of the building (for the issuance of which, the Seller shall apply not later than by 31 December 2008) issued by the relevant administrative body, on the condition that the Purchaser has performed all financial obligations under this Preliminary Agreement.
3. The Parties agree that the contract for purchase of a share in the facility premises – the multi-space, underground garage with the right of exclusive use of the Parking Space – shall be signed in the form of a notarial deed within 30 (thirty) days from the date a land and mortgage register is established for the facility premises - the multi-space garage, for the establishment of which the Seller shall apply not later than by 31 March 2009.

No way they'll make those dates, though, as I said, it's not an issue until you get the flat.

Anyone who bought into phase 1 have any thoughts / info about late penalties? If applicable, they must be huge! TGC would no doubt charge a handsome fee tho...

Richard Goldie

Already you will be knowing.