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Tell the builder to eat one. You will close when you get back.
Quote:
Originally Posted by ss20ts
LOL Yeah that's exactly how contracts work.
Universally, in a contract for real property, unless the contract uses the magic words "time is of the essence," any performance under the contract is timely if performed within a reasonable time.
Yeah, January is at least another quarter or worse (for the builder) another FY. Financial results for the builder depend on it as do bonuses, meeting targets, etc. for the local guys you're dealing with. Many national builders are publicly traded companies, therefore they need to deliver results quarter by quarter. A few days if it crosses a quarter or a FY for them is a very big deal.
You expect people here on the internet to know what recourse you have without seeing your contract or being lawyers qualified to advise you on your recourse or your options?
"hire a lawyer" or "do you have an attorney or real-estate agent" - see you've given the best answers yourself!
This. It's very important for you because it locks in your "Save your Homes" appraisal 1 year sooner. This means you pay real estate taxes based on the appraisal that's 1 year older versus if you closed in January.
Since Florida real estate values have been increasing, closing in December will result in real estate tax savings for you.
Your builder might sell to a different buyer for $30k more than your contracted price if you don't close on time (depending on wording in your contract).
FL asseses property values as of Jan 1st but if home isn't complete then, they won't be assessing the home but on land value - correct me if am wrong?
Perhaps, if the home is complete by Jan 1 and we don't close technically, the builder and the new buyer are responsible to pay at pro-rated basis. Correct?
Home prices have started to slow down and inventory going up in FL - there is no way builder can sell the home for 30K more. Essentially, what you are telling me is that home will be appraised for 30K more than what we paid at closing?
Location: Finally the house is done and we are in Port St. Lucie!
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Quote:
Originally Posted by Tampaite
FL asseses property values as of Jan 1st but if home isn't complete then, they won't be assessing the home but on land value - correct me if am wrong?
Perhaps, if the home is complete by Jan 1 and we don't close technically, the builder and the new buyer are responsible to pay at pro-rated basis. Correct?
Home prices have started to slow down and inventory going up in FL - there is no way builder can sell the home for 30K more. Essentially, what you are telling me is that home will be appraised for 30K more than what we paid at closing?
Our home was finished and closed on December 29th 2016. We received our property tax assessment this year and the Homestead credit Reduces our taxable value by $50,000.
That's a big deal. You will already be paying the prorated taxes in your closing costs for taxes paid in 2016. Ours was pretty minimal since taxes on an unimproved lot is only in the hundreds.
If you don't close this year, you will not get the credit until the following year, after you apply next year. Remember, you do have to apply by a certain date but because/if you closed in 2017, you qualify.
FL asseses property values as of Jan 1st but if home isn't complete then, they won't be assessing the home but on land value - correct me if am wrong?
Perhaps, if the home is complete by Jan 1 and we don't close technically, the builder and the new buyer are responsible to pay at pro-rated basis. Correct?
Home prices have started to slow down and inventory going up in FL - there is no way builder can sell the home for 30K more. Essentially, what you are telling me is that home will be appraised for 30K more than what we paid at closing?
The home will be completed prior to January 1, as the seller wants to close the end of December. That means the inspections will be completed and a certificate of occupancy will be issued in December. That means the home will be assessed for full value not just the land value on Jan 1, 2018.
If what it now appears is your wanting to close in January, to save a years taxes on the building. Won't happen because the final inspection and releasing the home for occupancy in December it will be assessed as a completed building in 2017, regardless of when you close. The date a new owner closes on the home, is not what determines when a home is completed for tax purposes. If the home did not close till 2020, it would still have been completed in 2017 for tax purposes.
Once home has final inspection, and the inspector releases it for occupancy, it is considered completed for tax purposes, regardless of when you close.
Location: Finally the house is done and we are in Port St. Lucie!
3,487 posts, read 3,340,243 times
Reputation: 9913
Quote:
Originally Posted by oldtrader
The home will be completed prior to January 1, as the seller wants to close the end of December. That means the inspections will be completed and a certificate of occupancy will be issued in December. That means the home will be assessed for full value not just the land value on Jan 1, 2018.
If what it now appears is your wanting to close in January, to save a years taxes on the building. Won't happen because the final inspection and releasing the home for occupancy in December it will be assessed as a completed building in 2017, regardless of when you close. The date a new owner closes on the home, is not what determines when a home is completed for tax purposes. If the home did not close till 2020, it would still have been completed in 2017 for tax purposes.
Once home has final inspection, and the inspector releases it for occupancy, it is considered completed for tax purposes, regardless of when you close.
We have in our contract, that when home is completed, the buyer must close within few days. Every national builder I know does to. We give a two month window at contract which is narrowed down as construction goes along.
FYI. Its easy to a distance close even out of the country.
Universally, in a contract for real property, unless the contract uses the magic words "time is of the essence," any performance under the contract is timely if performed within a reasonable time.
OR the builder can just cancel the person's contract for non performance and re sell it.
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