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buy apartment in Berlin Reservation Agreement

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HI

I agreed to buy an apartment with the estate agent.

The agent send me all the documents.

My lawyer reviewed all the documents.

My notary wrote draft contract.

Then seller said he sold it to someone else !!!

I had to pay the lawyer Euro 2200 for his work, meeting, e-mails etc...

Should I insist on signing a reservation agreement with the seller next time I try to buy ?

 

 

 

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in other words, while you were reviewing documents prior to making an offer, someone else was making an offer that was accepted?

btw- what's a "reservation agreement"?

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Where I come from, taking the property off of the market to consider buying it entails earnest money from the prospective buyer. In the process of that right now.

 

Had you agreed on a price with the agent`?

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On 3/11/2017, 5:38:47, catjones said:

in other words, while you were reviewing documents prior to making an offer, someone else was making an offer that was accepted?

btw- what's a "reservation agreement"?

Reservation agreement say that the seller can not sell to another buyer or cancel the deal before 14 days. If he cancel , he must pay any expenses that the buyer paid.

 

I do not know when the other buyer made his offer.

 

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In the UK we call that "gazumping".  Sorry to hear that. 

 

Its a sorry symptom of human greed and an active sellers' market.

 

When you pay your lawyer, ask him or her what you should do next time around to ensure exclusivity.  That piece of short advice should be thrown in for €2.200 (!)

 

I am not a German lawyer, but it does appear the seller acted in "bad faith" by continuing to market the property after contracts were exchanged.  Same lawyer should tell you if its worth pursuing this to get your wasted legal costs back.

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3 hours ago, More tea, Vicar? said:

after contracts were exchanged. 

the OP didn't say the contracts were exchanged, only that his notar wrote a draft....if the OP had the seller sign the contract, he'd have a signed agreement.

as for a "reservation", I've never heard of such a document for a residential property.  the OP mentions One side of a reservation above (if the seller reneges) , but not if the buyer backs out.  can't see why you'd have a "reservation" and not a "contract" or why a seller would agree to take his property off the market without a sales contract.

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16 minutes ago, catjones said:

can't see why you'd have a "reservation" and not a "contract" or why a seller would agree to take his property off the market without a sales contract.

 

Or a non-refundable fee which is called earnest money in the U.S.

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