This contract is not contigent on getting finance or apprasing, has anyone got any advice on this, I stand to lose a very large deposit.
2007-10-01 04:32:44 · 4 answers · asked by Mike R 1 in Business & Finance ➔ Renting & Real Estate
My advise is to first call the builder and tell him to stop everything today. Next explain to him why. Third hire an attorney just in case. Now here is the problem, depending on how far the builder has gotten into the process you stand to lose some of your deposit, (unless the purchase agreement clearly states the deposit is non refundable), in which case you might as well finish the job and turn around and list the property right away. If not, then depending on how far along the builder is in the process you could stand to lose some of your deposit, but not necessarily all. Try to negotiate with the builder to pay for the portion that he has completed, such as permits and supplies that may have been delivered to site.
If the construction is well underway, again I would let it continue and put the property up for sale after you close.
Your other option is to walk away from all your deposit.
2007-10-01 04:39:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need to convince the builder to let you out. Legally, you dont have a leg to stand on. The only leverage you have, if he fails to let you out of the contract, is to place a lien on the property for the amount of your deposit. That can hold up any future sale of the property until the case is settled in court. He will eventually win, however he might not wish to keep the property off the market for the 12 months it may take to clear the lien.
2007-10-01 11:50:08 · answer #2 · answered by patrick 6 · 0⤊ 0⤋
Not much to go on ... Would have to see the contract.
You probably need an attorney, since anybody who had a clue of what they were doing would never post a question like this, common sense telling them that contracts are intricate and need to be read in full before anyone could give them reasonable advice.
I do agree with "alterfemego"--- Call and tell them to STOP where they are. Then hire an attorney that specializes in construction/contractor issues.
Also, tell them to cancel all materiels and the shipments that may be special ordered and not returnable. Return those common materials that can be returned. Then fax or send him a letter to confirm what you spoke to him about.
2007-10-01 11:49:24 · answer #3 · answered by Meg 4 · 0⤊ 0⤋
If you have signed a legal binding contract with a builder absent any contingencies, you are bound to the terms of the offer UNLESS the builder does not fullfill his obligations under the contract. I suggest consulting an attorney for further advice.
The amount of information provided is not sufficient to give you a definitive response.
2007-10-01 17:14:41 · answer #4 · answered by acermill 7 · 0⤊ 0⤋