can i sue my bank and contractor for not finishing construction
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can i sue my bank and contractor for not finishing construction
I took out a construction loan with local bank to build a new home. Construction is not complete but bank has made final payment to contractor without my permission. Contractor won’t finish job or fix the mistakes he made during construction that we brought to his attention then. Now we need more money to fix or finish the construction and can’t get any help.
Asked on December 4, 2018 under Real Estate Law, Minnesota
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You may or may not be able to sue the bank: it depends on the terms under which you out the loan and whether or not your permission was required, under those terms, for this payment. If the bank violated the terms of the loan, you could sue based on breach of contract (the terms were part of or constituted a legal agreement).
You could sue the contractor also, based on some or all of breach of contract (not doing what they agreed do to do), fraud (lying about what they could or would do), and/or professional negligence (doing work that does not rise to commercially or professionally acceptable standards).
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