If a buyer is in a contract with a builder and it is found by a licensed inspector that the brick does not meet state standards and the builder refuses to change the brick, who's responsibility is it to name the builder as the defaulting party and order him to pay for expenses incurred? In this case, the buyer signed a release of earnest money then the builder changed the form to reflect the cost of the appraisal be paid out of the earnest money. The buyer refused to pay since they were not in default. Doesn't the defaulting party absorb any expenses already incurred? Correct me if I'm wrong, if the buyer defaults then they lose any earnest money deposited to pay for expenses. So if the builder defaults, don't he have to pay for any expenses. If so, who can make him do that???????? (NOTE: The mortgage broker disclosure does not state the buyer will pay if the builder defaults).
2006-11-20
11:01:13
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3 answers
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asked by
TSunrise
1
in
Renting & Real Estate