Buying or Selling a Home/Closing Date missed

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Expert: - 8/10/2006


Question
I am currently building a home.  The Contract a closing date of 1 September 2006.  There is no way that the Builder will meet this date.  I have not been happy with the builder, having to go behind him and have him go back and fix mistakes.  If he misses the closing date does that mean that the contract is over and I can get my earnist money back?

Answer
It depends what your contract with the builder says. I suggest you talk with a REAL ESTATE attorney to see what remedy there is for you should he miss the closing date. In the future, NEVER buy a house from a builder without having a penalty written into the contract should the closing not be as promised. Say, $500 per day off of the purchase price for each day the closing is pushed back.

I do wish you well.

Dick Dennis        dixiedee13@aol.com

Buying or Selling a Home

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Dick Dennis

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With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.

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Solving real estate problems for 37 years.

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National Association of Realtors

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Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

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e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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