How do I get out of a pre-construction condo Purchase agreement ?

[bluepauw]

How do I get out?

I put down 2K in 2004 then followed up with 30K over time as downpayment. I have 15K outstanding and late that needs to be paid towards downpayment as well as I was unable to recently get a mortgage letter that the condo developers requested.

Can I back out and get my 30K back? Im not worried about the 2K if I can get the 30K? Any lawyers or people who have done this sucessfully?

Please help!
M.

[seniorjudge]

Originally Posted by bluepauw

How do I get out?

I put down 2K in 2004 then followed up with 30K over time as downpayment. I have 15K outstanding and late that needs to be paid towards downpayment as well as I was unable to recently get a mortgage letter that the condo developers requested.

Can I back out and get my 30K back? Im not worried about the 2K if I can get the 30K? Any lawyers or people who have done this sucessfully?

Please help!
M.

What does the contract say about your situation?

[bluepauw]

I don't have the contract in front of me (i am out of the country). However it does say that the developer can cancel if the conditions are not met and I would get my money back (accept for 2K). But they don't seem to want to cancel it.

[seniorjudge]

Originally Posted by bluepauw

I don't have the contract in front of me (i am out of the country). However it does say that the developer can cancel if the conditions are not met and I would get my money back (accept for 2K). But they don't seem to want to cancel it.

Post back when you have the contract in front of you.

[pojo2]

Originally Posted by bluepauw

I don't have the contract in front of me (i am out of the country). However it does say that the developer can cancel if the conditions are not met and I would get my money back (accept for 2K). But they don't seem to want to cancel it.

Okay so we know what the developer has a right to do but what about YOU the purchaser? Under what circumstances can YOU get your money back?

Just a really dumb question but why should THEY want to cancel and give you all your money back? They probably have legal avenues to take those funds and sue you for even more funds if you do not fullfill your contractual obligations.

[HomeGuru]

I guess the writer is still in the country.

[bluepauw]

Just a quick update. I paid the outstanding balance and am set to close on the condo in Sept 2008. With a potential profit of 180K. Im so glad no one helped me get out of the contract. Buy and hold for a nice profit.