I have put money down on property with a completion date of Sept. 2006. I have now been told the property will not be finished until June 2008. They keep back dating. I want out of the deal. This was meant to be a real estate deal for me and all I do is wait. I want my money working for me on something now and not 2 years or 3 years later.
Is there anyway I can get out of my contract. Interest rates are on the rise and the property is going down in value. The property bought is Palm Springs California. The Palermo Development.
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Sir - Real Estate Issue
2 Answer
August 15th, 2007 @10:07 pm
Josh is correct, real estate contracts are tough to get out of because of how they are written. There are many cases in which a house is delayed and in some cases these delays can be up to a year or so. I have had first hand experience from a regular builder out on the East Coast. They told me my house was going to be ready within a certain time period and it wasn’t the case. I had to incur the expenses of both moving out of my old house prior to the house being finished. The builder did not reimburse me for one cent.
I ended up not contacting a lawyer mainly because there was really nothing I could do. My recommendation would also be to contact a real estate lawyer near you and have him take a look at the contract. Perhaps there is a hole in which he can get you out of the contract. It will be well worth it for you. Also, a phone call wouldn’t hurt.
What you need to do is look over your contract. Does the contract state a time frame and have they started building the house? When ever you get involved with a builder prior to contracting out the job its important to consult with a real estate attorney mainly because they contracts can be lopsided. If you didn’t my suggestion is to immediately contact a real estate attorney in California and have them review the contract. These types of contracts can be tough to get out in many cases so contact an attorney immediately.