I live in New York and signed a sales agreement 7 months ago with Toll Brothers for a new condo. I have given them a considerable amount of money for a down payment, and was expecting to close this month. Due to construction delays, the closing is now delayed until January. It is stated in the sales agreement that they can delay closing for up to a year.
Here is my problem: I have just been notified by my employer, that I am being transferred to a different state within the next 2 months. Is it possible to get out of my sales agreement (contract?) and have most, if not all, of my money returned??? or will I lose all of the money?
2007-11-10 01:29:09 · 8 answers · asked by errrrgh! 2 in Business & Finance ➔ Renting & Real Estate
Obviously, at the time of signing the purchase agreement (March), I had no idea that my employer would be transferring me 10 months later. If that was the case, I would never even have considered a home purchase.
2007-11-12 00:16:29 · update #1
Write a letter to the company and mail it certified mail with receipt. Include a letter from your employer that you have been transferred. Ask for all the money back and state that you are asking to be released from the contract and that your deposit be returned in full.
The builder may or may not return the deposit. However, until they release you from the contract, they will have a hard time reselling the property.
2007-11-10 01:49:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need to refer to the agreement. People always learn in hindsight. That should have been a question asked at the time of the sale. I know too-I've been through a similar situation.
Good luck-I hope you can get it resolved.
2007-11-10 01:38:26 · answer #2 · answered by Big Bear 7 · 1⤊ 0⤋
You have to read the agreement, as all are different. There could be a penalty involved, but they might let you out. Read the agreement, then get some legal counsel if there are any questions.
2007-11-10 01:33:01 · answer #3 · answered by Anonymous · 3⤊ 0⤋
This would be a good time to hire an attorney to look over the contract and advise you. You have too much at stake NOT to get professional advice, and that is exactly what you are getting here...unprofessional advice.
2007-11-10 01:47:57 · answer #4 · answered by Christiane 3 · 1⤊ 0⤋
you will not be able to get all your money back only a part of them but if you want to do not lose any money you can find another person who is willing to take over the contract you sign and you just assign to him all your rights and obligations
otherwise it will be hard depends of the terms and the conditions of the contract you signed
2007-11-10 01:34:12 · answer #5 · answered by Helena 4 · 0⤊ 1⤋
You are out of luck. You will need to find someone who wants to purchase the home and take over the contract.
2007-11-10 01:38:20 · answer #6 · answered by frankie b 5 · 0⤊ 1⤋
u loose, unless u turn around and sell it to some one, other than tha u have at the time of signing 10 days so called cooling off period.where u can change ur mind.
2007-11-10 01:33:45 · answer #7 · answered by Anonymous · 0⤊ 2⤋
Good luck that is happening to a friend of mine only he is about to be deployed to Iraq.
2007-11-10 01:33:20 · answer #8 · answered by Erica P 2 · 0⤊ 0⤋