Q: We contracted to build a house in a development. We did not have the contingency to sell our current home. We were
going to use the proceeds from the current home to purchase the new home. Our current home is not selling and we have only a month before closing on the new house. Can we back out of the contract for the new home and only lose our $5,000 or ca the builder sue us for money?
A: Any damages that the builder suffers as a result of your breach of the contract could be recoverable. It also depends on the language of your contract with the builder. I would suggest consultation with an attorney before backing out of this contract.
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