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my husband and i last year put down money on a condo in colorado as a second home. construction was supposed to begin within a few months of our signing the contract. with the whole financial crisis, all selling activities came to a halt, and now the builders say they still need to sell another 10 or 15 units before they can start construction. we don't want to be put on hold forever, so is there a time limit, by when construction has to be started? how long do we have to wait for them to break ground (or rather not to break ground) before we can get out of the contract without losing our money?
It should state the answers to both questions in your contract. If you can get out you probably should IMO. You can probably get a better price by starting over either on new construction or buying an existing condo since time doesn't seem to be an issue. Contact a RE attorney if you need to and your RE agent. If you bought w/o an agent don't do that again, just hire someone with a good rep in your area. 2binDenver is a great agent that posts on this forum is in CO and might be able to help you.
It should state the answers to both questions in your contract. If you can get out you probably should IMO. You can probably get a better price by starting over either on new construction or buying an existing condo since time doesn't seem to be an issue. Contact a RE attorney if you need to and your RE agent. If you bought w/o an agent don't do that again, just hire someone with a good rep in your area. 2binDenver is a great agent that posts on this forum is in CO and might be able to help you.
Thank you! This is what it says:
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"Following satisfaction of the condition described in Section H of this Agreement, Seller shall proceed with reasonable diligence to construct the Unit and shall endeavor to complete such construction not later than twenty-eight (28) months after the date of this Agreement, and, subject to the following sentence, Seller shall complete construction of the Unit no later than thirty-six (36) months after the date of this Agreement (the [/SIZE][FONT=Times New Roman,Times New Roman][SIZE=1][FONT=Times New Roman,Times New Roman][SIZE=1]"Outside Completion Date"[/SIZE][/FONT][/SIZE][/FONT][SIZE=1]). Notwithstanding the foregoing, Seller shall not be responsible for delays in construction resulting from causes beyond Seller’s reasonable control, such as weather, strikes, disputes or differences with workmen, delays in delivery of supplies and materials, inability of Seller to obtain utilities, water or sewer connections, war, terrorism, riots and acts of God, and in the event of any such delays, the Outside Completion Date shall be extended by a period equal to the period of any such delays. If Seller is unable to complete construction of the Unit on or before the Outside Completion Date, as the same may be extended pursuant to the preceding sentence, Buyer may terminate this Agreement by delivering written notice thereof to Seller."[/SIZE]
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[SIZE=1]They originally told us, completion would take about 20 months, so can we work out from the date we signed (April 2008) plus 28/36 months as stated in the sale agreement (August 2010/April 2011) minus 20 months (December 2008/August 2009) that we could actually then pull out?!
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This clause references Section H of your agreement. Honestly just pay an attorney $300 or so to help you terminate your contract. It seems like the builder/seller will breech the terms of the contract, but your contract is more than just that clause.
I think it would be a $300 well spent to hire an attorney to help you get the deal terminated.
It appears you have a case to void the contract but I'm not an attorney so I won't presume to advise you on your rights since I wasn't there and not representing you. Before you spend the $300 just tell the builder you want out and want your earnest money back. They may do it after a little fuss. If they refuse, then get the attorney. Do you have an agent? If so get your agent involved.
Thanks! Since you don't think I have a breach of contract (why?), it would have to be Brandon's opinion... ;-)
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