Developer's Breaking Contract

Two years they've had your money? Isn't there anything in the contract that stipulates a closing deadline?

Through my attorney, I'd sue for performance (if I still wanted to live there), or sue for my deposit back. Are you sure the sponsor's attorney is still representing the sponsor?

Don't want to live there, Meritage.

Get your down payment back.

Buy something better.

Did they at least put your downp in an interest bearing escrow account?

I would not trust any developer, ever.

My down payment is in escrow. There was no closing deadline. I do still want to live there. I can't find anything nearly that size for the cheap price of $410,000. My mortgage payments would be less than this buidling plans on charging for rent.

My attorney is a closing lawyer and says he doesn't entirely know how to handle suing for things like this. He has reached out to the sponsors's attorney but has no information.

Do I need to higher a lawyer who would really get on top of the sponsor?

Meritage: How much did you put down?
You can hire a lawyer but legal fees add up. The sponsor may still avoid responding to your lawyer.

Good luck. Hope it turns out well for you.

Hire a real lawyer to review the contract and figure out your options. You are probably looking at $4,000 of legal fees just to negotiate/close if your contract is solid (unlikely, because developers usually have better lawyers than first-time buyers.) If not, you can probably get your dp back + interest and expenses.

your mortgage payment -- but you would still be responsible for main and taxes? so are you better off?