Q: We are building a new home in texas. We are at 15-mths from start date. Our contract did not provide a completion date
We are building a new home in texas. We are at 15-mths from start date. Our contract did not provide a completion date. We were quoted 6-7mths prior to choosing the builder and during process until around 5-mths.
Do we have any recourse for interest costs for carrying construction loan this long or rental costs for apt during construction? Im thinking of any mths past 12-mths.
A:
You may indeed have some legal recourse and be able to recover damages, however, that all depends on your written agreements with the Builder as well. If there is no term for duration of completion, the Courts will impose what is a "reasonable" time period. For most new homes, that can be from 3 months to 6 months. I have not seen one go on that long, unless there is much more to this situation or someone is abusing their owed legal duties to another.
The best bet is to have an experienced Construction Attorney look at it all and give you an idea of what your options are. We offer a free initial consultation and have a great deal of similar experience in home builder disputes.
Please contact me if you would like: EMAIL ------> constructionlaw@live.com --------------> WEBSITE: www.bizlaw.pro
Thanks and best wishes.
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