What does it mean for developers to clear their houses?

The house returned by the developer is the buyer who has already bought the house. Due to the shortage of funds and other reasons, the normal transaction of the house cannot be completed. In this case, developers usually return the deposit to the buyers according to a certain proportion, and then continue to sell the house to customers in need.

What are the default check-out procedures for commercial housing developers?

1. The buyer sends a rejection notice: the buyer can send it to the developer by registered mail, fax or telephone. If the developer defaults in returning the house, the developer shall bear the losses caused by returning the house, including loan interest, deposit interest of down payment, house purchase tax, etc. If the house purchase contract stipulates the compensation standard for house return, it shall be handled according to the contract. If the compensation standard agreed in the contract is not enough to make up for the loss, it may claim compensation separately; If the buyer's loan application is not approved, the two parties to the contract cannot reach an agreement on the payment method, and the developer will not be liable for compensation.

2. Complete all formalities within/0/5 of kloc: After the buyer requests to return the house/0/5 of kloc, the developer shall return all the house payment paid by the buyer, and be responsible for all the procedures for the cancellation or termination of the contract between the buyer and the loan bank. Before the above procedures or documents are signed, the developer should pay the monthly principal and interest to the loan bank instead of the buyer.

3. Refund of the house price by the developer: After the buyer sends out the rejection notice, the developer should return all the house price to the buyer and complete the repayment procedures of the provident fund management institution or the loan bank. If the above contents are not completed, the developer shall pay one thousandth of the total house price to the buyer as a penalty on a daily basis from16th day after the buyer sends out the delivery rejection notice to the day when the buyer obtains the full house price.