Need Advise - Cancelling Toll Brothers Contract in NJ (HOA, loan)
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The best advice I can give is to have the people find web sites to rate builders, then tell their story. This may at least save someone else from this and who knows, maybe an attorney will find a loop hole.
Didn't they have any contingencies like for the loan or that they had to sell the house?
YOU didn't get a copy of all documents you signed? You are responsible for getting those documents to your attorney. If you think your attorney missed something, get a consult with another real estate attorney.
Did you meet with your attorney during attorney review? No problems brought up at that time? This seems strange....I think you are most likely now in "buyers remorse" and will lose your deposit. Sorry to be harsh but developers contracts are pretty much non negotiable on the terms and attorneys usually don't like them much. You had a 3 day AR period to back out.
We are in the same boat.We couldnot sell our current house.Now we are in default with Toll contract.They have retained our deposit (50k)and sent us a letter to pay the remaining amonut (50k)as per the promisory note.
Also they have refered our case to the collection agency,they are calling on and off,leaving us messgaes to pay the remaining money.If not thet will pursue further actions.
Quote:
Originally Posted by Jalwa
Hello All: I need your advise. I had to cancel my contract with Toll Brothers due to the serious downturn in the real estate market in NJ. My home has been on sales for the past 9 months and I have no offers. I had to cancel my TB contract. I have already paid TB $60K as a deposit for my downpayment and options. Additionally I now found out that they made me sign a promisory note for $35K at the time my contract was signed. My attorney never reviewed the promisory note and finds this practise very coersive. TB has retained all my deposit and has now lowered the price of the house to $60K below my sale price. They have it on the market as a Quick Delivery home at a price below what it offers new contruction homes. If the house sells for a price lower than this new discounted price, can they come after me for additional damages? I would appreciate your advise. ThankYou
We are in the same boat.We couldnot sell our current house.Now we are in default with Toll contract.They have retained our deposit (50k)and sent us a letter to pay the remaining amonut (50k)as per the promisory note.
Also they have refered our case to the collection agency,they are calling on and off,leaving us messgaes to pay the remaining money.If not thet will pursue further actions.
We are in the same boat.We couldnot sell our current house.Now we are in default with Toll contract.They have retained our deposit (50k)and sent us a letter to pay the remaining amonut (50k)as per the promisory note.
Also they have refered our case to the collection agency,they are calling on and off,leaving us messgaes to pay the remaining money.If not thet will pursue further actions.
Didn't you have a contingency clause in your contract? If not, it's not Toll's fault that your house didn't sell and that you owe them what you promised with your signature......
before signing the contract,sales person were very accomodating.They told us that they can give an extension and that the promisory note is part of their standard contract,and thay never chase anyone for the note.The worst case,they will retain the deposit.in my case they already have retained the deposit and they have not given us any extension.
Quote:
Originally Posted by BobKovacs
Didn't you have a contingency clause in your contract? If not, it's not Toll's fault that your house didn't sell and that you owe them what you promised with your signature......
before signing the contract,sales person were very accomodating.They told us that they can give an extension and that the promisory note is part of their standard contract,and thay never chase anyone for the note.The worst case,they will retain the deposit.in my case they already have retained the deposit and they have not given us any extension.
Nope- not a Toll Brothers employee- just someone who knows better than to believe anything a salesperson says that's not in writing- especially when there's $100,000 at stake. Remember the old joke- How can you tell a salesperson is lying? His lips are moving........
Why dont you just take a huge loss on your house someone is bound to buy it if you sell it dirt cheap... Why take a 100k loss and get nothing?
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