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thye did not touch the deposits, YET. if they did, then we as buyers could tie up the unit in court. they didn't so eventually they will give you 10 days to close and then you are in default. tim, that is not your best hope.
I thought buyers would be entitled to their deposits back if the developer was not able to actually begin closing the sales within a certain time frame. It seemed that the developer kept pushing the closings out further, in spite of some people wanting to move forward. Seems that clock would start ticking based on the date printed on the back of your deposit checks (i.e., the date they actually accepted your contract). Just a thought for those who need to find a way out.
Last edited by mayhurst; 07-28-2009 at 09:32 PM..
Reason: edit
mayhurst: way off base. The developer has that covered. They applied for and got HUD approval 3 years ago. When you have HUD approval, you have as long as you need to complete construction.
do you mean to try to get your deposit back or to defend you again a breach of contract suit? The attorney I spoke with told me that I can be sued for realtor commissions, the additional cost ( over the deposit) that it took to build my unit, and they can keep the deposit. If that is true, I may as well buy the unit.
parrothd: your reachin. Tell me what attorney in this country would rule in favor of the developer with everything that has transpired over the last 3 years. Stock market down, unable to get financing, lending has tightended beyond anyones wildest imagination, developer took 3 years to complete, and not too mention all the miswarranties by the sellers. restaurants, cabanas, phase III, town center. all of which will be at LEAST 10 years before they are completed. not what i contracted for. actually, the developer is in breach. I contracted to buy a unit worth $749,990. He is only delivering one worth $472,500? that may be a reach, but I am certainly not scared of being sued thru arbitration.
If anyone breached a contract it was the developer who is no longer involved with this project. I want my deposit back. We've heard rumblings about someone down there working out of Conway. we're ready to join, if it's a fact.
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