Various reasons can stand in the way of your happiness. Procedure financial monitoring can significantly delay the process of buying real estate for tax non-residents. unexpected sticker shock is able to completely repel the desire to invest or incites to decisive actions, the results of which will only be bottomless money pit. And if you dare to do it lowball offer, in order to avoid exorbitant costs, there is a risk of offending the home owner and spoiling his reputation in the eyes of other sellers. This already terrifying list of obstacles can be supplemented by one more.
❝A frozen deal (Frozen Deal) is a deal on the real estate market that has encountered temporary difficulties or delays.❞
Frozen agreements refer specifically to purchase and sale transactions. Reasons for delays can be:
- financial problems. Inability to pay the entire amount at once or difficulties in obtaining a mortgage may become reasons for freezing the deal until the time when the buyer has the necessary funds;
- legal problems. These include encumbrances and litigation related to the object, arrears for communal services, division of property between co-owners or as a result of divorce, transfer of real estate to the seller by will etc;
- technical problems. Detected during browsing efforts may provoke additional disputes. In order to settle them, you will have to perform certain repair works or agree on reducing the value of the object to a more acceptable one;
- change in market conditions. Sudden and rapid changes related to the price of square meters, the dollar exchange rate, general political and economic situations in the country, can not only freeze the agreement, but also become a good reason for its termination.
A frozen agreement can only be a temporary solution for settling the necessary moments, but such situations are not an exception when previous agreements have to be canceled.
Example of use:
— So you can already be congratulated on the acquisition?
- It's still early. The seller's wife did not know about our agreement until the last and now she is categorically against its conclusion. The owner of my hypothetical apartment has promised to fix everything, so our deal is temporarily frozen.
- I could have thought about my wife earlier...
In order not to have to defrost frozen food, you should approach it responsibly buying a house. Our experts will find options exactly for your budget and wishes. They will check the object and its owner and save your nerves and deals from unwanted temperature shocks.
