cancelling new home purchase agreement

[ccorpuz]

What is the name of your state? California

Developer currently has conditional subdivision report, not Final subDiv Report.
Purchase agreement was signed 1month ago.
In contract, it states I can "cancel if dissatisfied with final subdivision public report due to a material change (pursuant to business and professions code 11012).'" What does this mean exactly?
Does this mean I still can get out of the deal and get earnest money back?

[passingby]

I don't know what that means exactly, but you should be able to find out by contacting your state's department of professional and occupational regulation (whatever they call it in CA) ...hint, it should be the same place contractors get their license.

In the mean time let's assume it means that if the final report is different from the 'tentative' one that you 'liked just fine' when you made your agreement to purchase, then you can cancel the contract and get your earnest money back. These changes would include such things that change the nature of the subdivision, such as that they promised a community recreation center and then decide against it, or they change the minumum square footage for housing...stuff like that. However, that doesn't usually happen, so don't get your hopes up.

[BelizeBreeze]

Originally Posted by ccorpuz

What is the name of your state? California

Developer currently has conditional subdivision report, not Final subDiv Report.
Purchase agreement was signed 1month ago.
In contract, it states I can "cancel if dissatisfied with final subdivision public report due to a material change (pursuant to business and professions code 11012).'" What does this mean exactly?
Does this mean I still can get out of the deal and get earnest money back?

That means that you need to read your state's Business and Professional Code 11012 and see what it says. And also it means you must wait for the final SubDivision report.
So, to answer your question, at this time, no. Later, maybe

Originally Posted by ccorpuz

What is the name of your state? California

Developer currently has conditional subdivision report, not Final subDiv Report.
Purchase agreement was signed 1month ago.
In contract, it states I can "cancel if dissatisfied with final subdivision public report due to a material change (pursuant to business and professions code 11012).'" What does this mean exactly?
Does this mean I still can get out of the deal and get earnest money back?

Quote the exact language of the contract.

[HomeGuru]

Originally Posted by ccorpuz

What is the name of your state? California

Developer currently has conditional subdivision report, not Final subDiv Report.
Purchase agreement was signed 1month ago.
In contract, it states I can "cancel if dissatisfied with final subdivision public report due to a material change (pursuant to business and professions code 11012).'" What does this mean exactly?
Does this mean I still can get out of the deal and get earnest money back?

**A: yes, since under subdivision laws the contract to purchase is not binding until the final subdivision report and approval is completed.