Titanium Media App reported on July 19 that recently, the People’s Court of Gao’an City, Jiangxi Province has concluded three cases of contract disputes in which the property buyers requested to cancel the “Commodity House Sales Contract” and the “Commodity House Mortgage Loan Contract” due to the “unfinished” real estate projects of developers. The court heard and found that the three buyers signed a "Commodity House Sales Contract" with a company in Gao'an City in 2019 to purchase real estate houses developed by the company. After the buyer pays the down payment, the buyer, the developer and the bank sign the "Commodity Housing Mortgage Loan Contract", and pay the balance of the purchase from the bank mortgage loan, and then the buyer repays the bank loan on time. However, after the delivery period, the developer said that it could not deliver the house on time, and could not determine when the house would be handed over. The purchaser then filed a lawsuit with the court in accordance with the contract, requesting that the "Commodity House Sale and Purchase Contract" and "Commodity House Mortgage Loan Contract" be cancelled, the developer should return the down payment and the bank loan already paid, and the subsequent loan should be returned by the developer to the bank. The court held that, according to the contract, the developer could not deliver the house within 90 days of the deadline, and the buyer had the right to request the termination of the contract. After the contract is terminated, the developer shall return the down payment paid by the plaintiff to the house buyer, and the bank mortgage loan paid by the house buyer to the bank shall be returned by the developer to the plaintiff, and the unpaid part shall be paid by the developer to the bank. The court made the above judgment in accordance with the relevant provisions of the Civil Code of the People's Republic of China and Articles 11 and 21 of the Interpretation of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Cases of Disputes over Commercial Housing Sales Contracts. (Source: The Paper
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