At the end of the sales operations, the contractor (the one who was awarded the asset) will have a pre-established deadline, starting from the moment of the award, to pay the balance of the award price.
This deadline is peremptory and cannot be postponed (cf. Cass.Civ. 32136/2019). This means that the balance of the award must be paid in that given time, under penalty of forfeiture of the award (peremptoriness of the term), and that no delay, even if justified, can cause its extension (improrogability of the term https://www.pioneerhb.com/we-buy-houses-dallas-tx/
The consequences of not meeting the deadline
Returning to our discussion, we can now well understand what “impact” the non-granting of the loan by the Banks has to the relative of the debtor who has requested it for the purchase of the property offered for sale. Not infrequently, in fact, it happens that such operations, as anticipated, although they may appear trivial and ready to solve, hide not irrelevant pitfalls .
The consequences, in fact, of the non-payment in terms of the final price of the award, as anticipated, are far from negligible.
In this regard, the art. 587 of the Code of Civil Procedure reproduced in its entirety here “ if the sum is not surrendered within the established duration, the performance judge with a decree announces the forfeiture of the prosperous tenderer, pronounces the loss of the deposit as a fine and then orders a new auction. The provision referred to in the previous period also applies to the successful tenderer who has not paid even a single installment within ten days of the expiry of the deadline; the execution judge orders the loss as a fine also of the installments already paid. With the decree adopted in accordance with the previous period, the judge also orders the contractor who has been placed in possession to release the property to the custodian; the decree is implemented by the custodian in accordance with article 560, fourth paragraph. For the new auction, the procedure is in accordance with articles 576 et seq. If the price obtained, together with the confiscated security, is lower than that of the previous auction, the defaulting contractor is required to pay the difference.