A notarized property development contract must contain binding information on the date of completion of the work (condominium/house) or, if this date cannot be specified at the time the building contract is concluded, on the duration of the construction work.
Delay
However, the contractual deadline for handing over possession (readiness for occupancy) is regularly exceeded. The often flimsy reasons cited by property developers are manifold, whether it is still due to the coronavirus pandemic, the war in Ukraine or other delivery difficulties and material price increases.
Compensation
We can help you with the examination and assertion of your default damages. In the case of a planned owner-occupation of the purchased property, loss of use damages should be considered here, provided that the purchaser did not have access to living space roughly equivalent to the purchased living space during the delay. The claim exists even if the purchaser has not yet used the living space (BGH, judgment of February 20, 2014-VII ZR 172/13).
What damages are compensated?
As so-called default damages, the property developer must compensate you for all losses incurred as a result of the delay. In the case of financed projects, for example, so-called commitment interest is incurred for unused but held loans. Further compensation items must be determined on the basis of your individual case.
Feel free to contact us.
Dusseldorf, May 2024, 10th
Author: Lawyer Dennis Wiegard