May 24, 2022

What to Know when Terminating Your Contract Early


We understand that you may have to terminate your home contract earlier than intended due to personal issues. Homebase makes sure that you won’t have to pay any cancellation fees - but there are several things we can do to better support homeowners like you. Learn more about what happens when you decide to exit contracts before the term’s end.

When you enter a payment schedule for Buy with Installment, at any time, you can pay more to own sooner or walk away and cash out your savings.

When terminating a contract, there are three typical scenarios:

1. You can no longer afford the payment

2. You no longer have the need to repurchase (foreigners returning to your home country, investors deciding to drop the project, and more)

3. You can no longer pay but still want to continue owning

In the first and third cases, Homebase can help you tailor your payment plan accordingly.

What happens when I end the contract early?

With advance notice, Homebase will help customize your payment plans so that you can still afford to buy back the property. One of the solutions, for example, is to change the payment option, such as switching from the Fully buyout to the Monthly minimum scheme. This will make sure you can still meet your scheduled payments and buy back on time.

When you exit early, Homebase will reclaim the property and put it back on sale. At the same time, a relisting fee will also be applied (usually 7% of the property value).

Useful article: What are the fees of owning a home with Homebase?

Important notes when deciding to terminate the contract early

When you have problems that could affect your payment schedule, please notice us as soon as possible. We can promptly discuss a solution that works best for you, be it changing your payment options or adjusting the contract. 

Ready to become a homeowner?

Shoot us any questions you have via phone/Zalo/Whatsapp (+84) 964 245 404 or email Homebase can help clear any concerns you may have!


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