Categories:Real Estate,UK

The cost of failure to complete in the case Hooper v Oates

After failing to complete on the purchase of a property and a subsequent diminution in value, the proposed buyers in the case Hooper v Oates were found liable for damages to be assessed at some later date, taking into account the state of the market. The case emphasises that, providing a thwarted seller takes reasonable steps to mitigate loss after a failure to complete, for example, by actively remarketing the property, the loss that may occur from a fall in market prices can be reclaimed from the proposed buyer…

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