What are my options if the builder has gone past the due closing date?
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What are my options if the builder has gone past the due closing date?
Asked on July 9, 2015 under Real Estate Law, North Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
Assuming that the closing date is in the contract, going past the date would be a material breach, or violation, of the contract. That breach would enable you to sue for monetary compensation (e.g. the cost of staying in a hotel or storing your belongings) or to treat the contract as terminated (over) due to the breach, in which case you would not have to go through with the purchase and could likely get your deposit back. Exacty what you can do depends on the precise facts--what exactly does the contract say (since contracts are controlled by their words or language)? how much past the date are they? You are advised to bring a copy of the contract to a real estate attorney to review with you, so you an discuss your options.
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