Getting out of a real estate contract?

Without taking a careful look at the purchase contract you signed, there is really no way to know what, if any recourse you ahve for them not closing on time (I agree, do NOT more into the house until EVERYTHING that was supposed to be done, is done).

Again, without looking at the exact terms of the contract, there is no way for us to say what other damages they might be able to seek, but here, (North Carolina), a seller could sue a potnetial buyer for much more than just the earnest money - including the costs of owning the home after the contractual closing date, further costs of finding a new buyer, etc.

I would advise speaking with your buyer's agent (if you have one) or a real estate attorney as to your options.

Find a regional Real Estate Agent to study the agreement - they SHOULD be inclined to do it for FREE. If you are not able to uncover an agent on the way to do this - take it to a regional Real Estate workplace and ask for the dealer. Did you purchase for your possess? Or did you employ a Realtor to make this present? I certain wish you used a Realtor in order that they would have defined agreement tasks as you moved ahead. MOST acquire agreements will state that earnest cash is refundable IF you are not able to get financing or IF you've gotten any disorders in the course of the purchaser inspection time period. However, when you did not use a Realtor on this case - the builder is most likely going to write down the PA in order that it advantages them now not you. I'm an agent in MN & I might like to support, however I consider you would be bigger off discovering a regional Realtor (when you consider that their familar along with your regional atmosphere and practices) but it surely comes down to what is to your agreement. Read the financing addendum - see what it says exceptionally related to your earnest cash. Anyone reviewing the agreement are not able to fairly ofer authorized recommendation however can a minimum of check out to give an explanation for your viable choices.

i would not close without all work being finished. i think she has to pay you for delays in closing ? if there are any.

i'm not sure how the customization charges would fare. i mean new homes are built all the time according to buyers specifications and for various reasons not all house sales close.

the only other option is to review your contract . maybe you need to ask your banker if they can help you out / say your financing didn't go through ? there are usually some safety clauses to get out of contracts written into them. did you have an atty review it ?

i guess it depends on what you want . if the house hasn't closed and you aren't willing to do the deal i would think that forfeiting earnest money is enough. ask an atty to find out your options. good luck.

Unless you have contingencies in the contract that cover the remodeling and time table then she can sue you for breach of contract.

IF there is a set time for the closing and it does not happen, walk away and demand your earnest monies back. BARRING any written contingencies in the contract that allow for extra time.

ADDED

DJB I am a little disappointed in your answer, if there are no contingencies giving an extention of time , alone, to close the deal is OFF.

Honey if you walk away she has every right to take you to court. You signed a legally binding contract and any judge will award her commission plus damages. I strongly urge you to comply with the contract. If you requested updating or changes be made and they have complied you could also be sued for those charges. Putting a big crimp in your ability to purchase anything else.

You may want to consult with an attorney, but I'll bet he advises you complete the deal.

walk away and demand your earnest monies back