What kind of compensation can you get for a long, long extended closing date?
Tuesday, January 12th, 2010 at
3:16 am
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Unfortunately in new construction extended delays are very common. Usually the contract will have an "outside date" by which the builder must complete or you can cancel and get your money back. If your contract does not have an outside date for completion then try speaking to the builder. If the contract is very old then the builder may be willing to let you out of the deal and return your deposit because they could probably re-sell the house for more money now. If you don’t get anywhere with the builder, then try speaking to a real estate attorney. It may be time to send the builder a letter making "time of the essence of the contract", which means that if the builder doesn’t complete within a certain amount of time you are declaring the builder in default, terminating the contract and demanding the return of the deposit. This road usually leads to a lawsuit in the future so it’s best to try speaking calmly with the builder first.
If your not in a contract I would walk away!!!! Sounds like someone to watch out for. Make sure he pays all of his sub contracters
any compensation for construction delays should be in the contract. if not you are out of luck.
i assume they have a non refundable deposit that you would lose if you backed out. read the contract.