Q: New construction home contract! Our home is supposed to be completed in May 2018. We signed contract in October 2017.
Builder wasn't able to build our home. We are still under contract with a completion date of May 31, 2018 with developer. It is now April 19,2018. They still don't have a builder and now they just want to sell us the lot. If we bought the lot and had our own builder come in, what the developer is wanting to sell the lot for is more expensive than the agreed upon purchase price for home and land when added together. What can we do? Under a normal real estate contract, what happens if they don't build our house by the agreed upon date? Can we sue? We sold our house specifically for this lot/home, and at this point don't know what my options are. Any help would be greatly appreciated!
A: Your rights and remedies will be largely defined by your contract. You will need to review it or have a lawyer review it for you. Then you can decide on your best course of action.
A: It sounds very much like the developer is in breach of contract, and as the previous answer states, your remedies and the procedure for asserting the claim for breach will be determined by the written agreement.
No lawyer can give an accurate answer without reviewing that document. consult an experienced real estate/litigation attorney very soon.
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