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Old 11-27-2017, 07:59 PM
 
8 posts, read 21,410 times
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Can the builder cancel the contract unilaterally?

The buyer is supposed to have a walk through on Tuesday and closing on Thursday.
The builder told the buyer that if he doesn't sign closing disclosure by the end of the day today they will cancel the contract.
The buyer has some concerns about the house and wanted to invite home inspector before signing anything.
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Old 11-27-2017, 08:00 PM
 
Location: The Berk in Denver, CO USA
13,949 posts, read 20,201,871 times
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What does the contract say?
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Old 11-27-2017, 08:04 PM
 
8 posts, read 21,410 times
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I have to go and read. That's a good question. I will post here.
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Old 11-28-2017, 10:40 AM
Status: "Celebrating 30 years as a Broker" (set 20 days ago)
 
Location: Just south of Denver since 1989
10,885 posts, read 29,313,834 times
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"The buyer is supposed to..."? Are you a broker?

The Closing Disclosure is the RESPA rule for the final closing numbers. The Buyer must sign at least 3 days prior to Closing.

If the City or County has issued a CO (Certificate of Occupancy) the Buyer doesn't have an out within the contract.

The Buyer would be in default, and the builder will sell to another and keep the buyer's earnest money.
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Old 11-28-2017, 11:18 AM
 
Location: Frederick, CO
390 posts, read 278,103 times
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Most builders contract have a specific time period as to when an inspector can come in during the process. Many of them want you to do it at least 10 days before the final walk through.

As mentioned above the closing disclosure needs to be signed if they wish to close on Thursday and if you are outside of contract dates on the inspection period the builder can walk away at this point and keep the earnest money.

I would read that contract thoroughly but it is likely there are no outs at this stage.
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Old 11-29-2017, 09:57 AM
 
Location: lakewood
572 posts, read 397,026 times
Reputation: 309
Quote:
Originally Posted by 2bindenver View Post
"The buyer is supposed to..."? Are you a broker?

The Closing Disclosure is the RESPA rule for the final closing numbers. The Buyer must sign at least 3 days prior to Closing.

If the City or County has issued a CO (Certificate of Occupancy) the Buyer doesn't have an out within the contract.

The Buyer would be in default, and the builder will sell to another and keep the buyer's earnest money.
sometime if a buyer breaches - the builder's contract stipulates damages in addition to the earnest...
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Old 11-29-2017, 10:08 AM
 
2,514 posts, read 3,487,858 times
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I was talking to a buyer of a calatlantic home in a SE Aurora neighborhood we were looking at recently. They wish they had walked and just lost the earnest money. That may be the more sensible solution if the quality is really bad. I had talked to them because the in process built and the already complete ones on the market looked like horrible quality. The models didn't look bad.
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