AboutToni Yates Expertise As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience 12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors Top producer awards from FAAR and Re/Max.
Question Hello Toni,
Last Oct 29th, 2007, my wife and I signed into a contract to build a home with a home builder in a builder assigned subdivision. We, being newlyweds and the like were initially excited about the home purchase. As this would be our first home. In our contract, it states a delivery time of June/July, estimation. However, it does have contingency due to weather, which is acceptable since it was a harder winter. However, we still have no construction even started on the home. All that has been done is the survey stakes were in place. We were wondering if we have the right to back out of the contract or break it. As we are now having a supposed delivery time of Sept/Oct.
Please help with your advice.
Sincerely,
Adam K.
Answer Hi Adam-
Thanks for your question. Without seeing your contract, it would be difficult to say whether or not you have an "out." My question to you is- do you still want the house and are just concerned because the construction hasn't started in which case my advice would be to have a heart-to-heart with the builder and explain your concerns. In my experience it generally takes at least 6-8 mos. from when they dig the footers to move-in. Most building contracts have either a cancellation clause or a penalty clause if the builder lags behind construction. However, if you signed the builder's contract without the assistance of a realtor or attorney, the terms are most likely favorable to him/her. In which case, you may lose your deposit if you back out as well as possibly facing a breach of contract or specific performance suit. I can empathize with you your loss of enthusiasm with the delay in wanting your first home but recommend you take the contract to an attorney for review to see what your options are. Best of luck, Toni
