If you bail on a house that you were in contract for and you have $3,000.oo earnest money down on the contract but, have given $85,000 total. What does the builder have to give back? And when? They want to keep all the $$ and only give us it back when it sells..that could be 6 -12 months out? Is this Legal?
2007-07-26 05:46:14 · 4 answers · asked by Cal-Tex 2 in Business & Finance ➔ Renting & Real Estate
Your question does not concern real estate law, but contract law.
If you signed a contract, then you are required to perform your agreement. Any remedies you have, other than going through with the purchase, or being sued for damages the builder incurred due to you bailing, will be in the terms of the contract you signed.
2007-07-26 05:51:42 · answer #1 · answered by Mr Placid 7 · 1⤊ 0⤋
Yup, if that's what the terms of the build contract call for. The builder was performing based upon a contract, which you apparently breached. Consider yourself fortunate that he is willing to refund you when the property sells. If he follows the contract, he may as well be able to charge interest and other costs to you during the time until it sells.
2007-07-26 07:40:13 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Read your contract. I am sure it is written that the builder keeps all deposits and earnest money if you breach the contract. It is fortunate for you they are willing to refund anything.
2007-07-26 07:56:40 · answer #3 · answered by godged 7 · 0⤊ 0⤋
read your contract...i have worked for a builder in the past and you would have forfeited all to us in this scenario...so read the contract...it is all in there.
good luck
2007-07-26 05:53:55 · answer #4 · answered by Blue October 6 · 1⤊ 0⤋