Get my deposit back if over year late? Skyviewparc
Started by oml37
over 15 years ago
Posts: 10
Member since: Dec 2008
Discussion about
Hi, My situation is this. I went into contract a year and a half ago at Skyviewparc.They told me that the estimated closing date for my unit would be in December 2009. It is now August 2010 and after many many repeated closing dates being pushed back, I am thinking of canceling the contract. Main reason is I do not even know when my closing date is because the last I heard was it was "no definite... [more]
Hi,
My situation is this. I went into contract a year and a half ago at Skyviewparc.They told me that the estimated closing date for my unit would be in December 2009. It is now August 2010 and after many many repeated closing dates being pushed back, I am thinking of canceling the contract. Main reason is I do not even know when my closing date is because the last I heard was it was "no definite date". I am not sure if there is a law or something out there to help me get my 10% deposit back.
I recently read somewhere that there is a law out there saying if new developments do not have at least one closing within a year, the buyers have a right to cancel their contracts. Now I know why of the 400ish units there, 5 of them recently closed.
Any advice or comments is much appreciated.
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Response by hofo
over 15 years ago
Posts: 453
Member since: Sep 2008
Where the hell is your lawyer??? Need one if you are looking to back out the deal.
Ignored comment.
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Response by MRussell
over 15 years ago
Posts: 276
Member since: Jan 2010
Somewhere in the contract is a date, I hope for your sake, that they have to close by (or have a % closed by) in order to retain your deposit. So while they said December 2009, if it says in the contract December 2011, you are pretty much out of luck.
At this point, it isn't really your decision if you can back out of the contract, since you signed it and agreed to the terms.
I had a deal at a very famous building that never got built. My buyers were probably the first people in, put in down $2.4 million dollars on two apartments worth over $16m and the sponsor just held the money for over a year even though everyone and their mother knew that this building wasn't going up. Once they crossed that date in the contract where they HAD to have completed their unit, they returned their deposit.
Whatever you do, speak with your attorney before going to the sponsor.
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Where the hell is your lawyer??? Need one if you are looking to back out the deal.
Somewhere in the contract is a date, I hope for your sake, that they have to close by (or have a % closed by) in order to retain your deposit. So while they said December 2009, if it says in the contract December 2011, you are pretty much out of luck.
At this point, it isn't really your decision if you can back out of the contract, since you signed it and agreed to the terms.
I had a deal at a very famous building that never got built. My buyers were probably the first people in, put in down $2.4 million dollars on two apartments worth over $16m and the sponsor just held the money for over a year even though everyone and their mother knew that this building wasn't going up. Once they crossed that date in the contract where they HAD to have completed their unit, they returned their deposit.
Whatever you do, speak with your attorney before going to the sponsor.
(Matthew Russell - Brown Harris Stevens)