December 2, 2009
Can I get out of a building construction contract and an agreement to purchase vacant land?
Liss 68 asked:
My husband and I recently signed a new construction contract along with another contract to purchase vacant land in a housing development that the house is to be built on. We are in the process of applying for the new construction mortgage and we have not yet been approved. Since signing the contracts, we recently saw the first completed home in the development. We are not happy with the quality of the work by our builder and we don't want to proceed with him. We would like to build the house with another builder in another development. The land is still vacant and construction of the house is to begin after we obtain our mortgage. In the contract for purchasing the vacant land, it's stated that the sale is contingent upon the buyer obtaining financing. As I stated above, we have only applied for the mortagage and have not closed on it. I'd appreciate any input on this matter.
atlanta construction staffing
My husband and I recently signed a new construction contract along with another contract to purchase vacant land in a housing development that the house is to be built on. We are in the process of applying for the new construction mortgage and we have not yet been approved. Since signing the contracts, we recently saw the first completed home in the development. We are not happy with the quality of the work by our builder and we don't want to proceed with him. We would like to build the house with another builder in another development. The land is still vacant and construction of the house is to begin after we obtain our mortgage. In the contract for purchasing the vacant land, it's stated that the sale is contingent upon the buyer obtaining financing. As I stated above, we have only applied for the mortagage and have not closed on it. I'd appreciate any input on this matter.
atlanta construction staffing
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Comments on Can I get out of a building construction contract and an agreement to purchase vacant land?
11:11 am
atlanta construction staffing
GET A GOOD LAWYER.
8:57 pm
atlanta construction staffing
As the contract is contingent on financing, it is possible you will not qualify for the financing. But the contract undoubtedly requires you to make a good faith effort to apply for the financing.
You can get out of any contract. It's just a matter of how much it's gonna cost you. That depends on the precise terms of your contract. Bring it to a local real estate lawyer.