Old house already sold – new one not yet finished? Avoid this with a professional!
You've sold your old property, are sitting on packed moving boxes, but the completion of your new home is delayed. The planned move-in date has been missed! Such precarious situations are almost unavoidable. It's probably more the rule than the exception that not everything on a construction site is always finished on schedule – and not just with large projects like airports or concert halls. The question is: What can you do now?
Basically, you have two options. Option 1: You can try to postpone moving out of your old property by reaching an agreement with the buyer. Or Option 2: You'll need temporary accommodation. Both are inconvenient, but depending on the situation, the damage can be mitigated.
Temporary right of residence or sublease agreement
If a delay in your move into the new building becomes apparent even before the purchase agreement for your old property is finalized, you have a good chance of reaching an agreement with your buyer to postpone the moving date. Provided the new owner agrees, you should include a temporary right of residence for yourself and your family directly in the purchase agreement. To ensure legally sound wording for such clauses, you will definitely need the advice of a lawyer or real estate expert.
Another option is to conclude a sublease agreement with the new owner of your property, which, at least theoretically, can still be done after the purchase agreement has been finalized. However, the new owner will only agree to this if their own moving plans are not yet finalized.
Rent temporary accommodation – possibly with compensation
If it's too late to reach an agreement with the buyer of your property, you'll need temporary accommodation at short notice. If your contractually agreed move-in date cannot be met, the developer is generally liable. First, check whether a fixed move-in date was agreed upon in your contract with the developer. If so, the developer is obligated to either provide you with equivalent temporary accommodation or pay you compensation. The developer must then also cover any additional costs you incur due to the delayed move-in date. These include, for example, real estate agent fees for finding temporary accommodation and the costs of the additional move itself.
To avoid such a situation altogether, it is advisable to consult a real estate professional. They are experts in the sales and handover processes and ensure a smooth property transfer.
Are you looking to sell your house and want to be prepared for any eventuality? We'd be happy to advise you. We can also assist you in finding temporary accommodation.
Further information can be found here:
https://www.gevestor.de/details/hausbau-so-handeln-sie-bei-verspaeteter-uebergabe-714589.html
Legal notice: This article does not constitute tax or legal advice for any specific case. Please consult a lawyer and/or tax advisor to clarify the facts of your individual situation.
Photo: song_mi /Depositphoto ©
About the author
Harry Mohr
Real estate agent (Chamber of Industry and Commerce)Harry Mohr, author of this article
