1. Article 94 of the Contract Law stipulates that if one party delays the performance of the principal debt and fails to perform it within a reasonable period after being urged, the other party may terminate the contract. The Supreme People's Court's Interpretation on Disputes over Commercial Housing Sales Contract defines "reasonable period", which stipulates that the seller delays the delivery of the house and fails to perform it within a reasonable period of three months after being urged. If one party requests to terminate the contract, it shall be supported, unless otherwise agreed by the parties. The Interpretation also stipulates that if the law does not stipulate or the parties do not agree, the reasonable time limit for exercising the cancellation right is three months after the other party's reminder. If the other party fails to ask for a notice, the cancellation right shall be exercised within one year from the date of the cancellation right; If it is not exercised within the time limit, the right of revocation shall be extinguished.
2. According to the relevant provisions of the Contract Law, if the seller delivers the house late, it shall pay liquidated damages or compensate for the losses. The parties may agree that when one party breaches the contract, it shall pay a certain amount of liquidated damages to the other party according to the situation of breach of contract, and may also agree on the calculation method of the amount of compensation for breach of contract.
Three, the contract does not stipulate the calculation method of the amount of liquidated damages or compensation for losses, can be determined by referring to the rent standards of similar houses in the same lot published by the relevant competent departments or evaluated by qualified real estate appraisal agencies during the delay of delivery.