February 8, 2017 / 11:46 PM / in 9 months

Brazil govt mulls capping fine on homebuyers at 10 pct of price

SAO PAULO, Feb 8 (Reuters) - The Brazilian government will send a bill to Congress proposing a fine on homebuyers who cancel the purchase of a property limited to 10 percent of the value of the house, according to a source with direct knowledge of the matter.

Brazilian homebuilders have been hurt by soaring cancellations amid the country’s worse recession on record. In the absence of any legislation, Brazilian courts have sometimes ruled in favor of homebuyers receiving all or part of their down payment if they cancel a house purchase. (Reporting by Marcela Ayres; Writing by Ana Mano; Editing by Daniel Flynn and Alan Crosby)

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