To Many Extentions

undefinedWhat is the name of your state? Massachusetts
I signed a P$S on a new home being constructed in June with closing for July 2. Since then the contractor has asked for 2 extentions and is now asking for a 3rd. The closing he is requesting is a day before my lease expires. I am also locked into a a rate of 4.875 which expires 9/30. This is a very good rate and am afraid that if i apply again after expiration rate will go up considerable. Do I have to extend? It is clear if he works some overtime the house would be ready for closing on 9/17 as agreed. I will have to put possessions in storage and stay in hotel. My daughter is building a house next door by same contractor with all the same closing dates except he has moved her date to 9/15. Her house has been sold and new owners have doubled the rent she was getting. They have two kids and dog. Where do they go. Can we demand the final date of 9/17 as closing? Do we have any leagal recourse..such as contractor picking up all our extra costs due to him not ready for closing?
Thanks in advance for your help in this matter.

[HomeGuru]

What is a P$S?

Sorry.. Purchase & Sales agreement

[HomeGuru]

Originally Posted by collinsconst

undefinedWhat is the name of your state? Massachusetts
I signed a P$S on a new home being constructed in June with closing for July 2. Since then the contractor has asked for 2 extentions and is now asking for a 3rd. The closing he is requesting is a day before my lease expires. I am also locked into a a rate of 4.875 which expires 9/30. This is a very good rate and am afraid that if i apply again after expiration rate will go up considerable. Do I have to extend? It is clear if he works some overtime the house would be ready for closing on 9/17 as agreed. I will have to put possessions in storage and stay in hotel. My daughter is building a house next door by same contractor with all the same closing dates except he has moved her date to 9/15. Her house has been sold and new owners have doubled the rent she was getting. They have two kids and dog. Where do they go. Can we demand the final date of 9/17 as closing? Do we have any leagal recourse..such as contractor picking up all our extra costs due to him not ready for closing?
Thanks in advance for your help in this matter.

**A: have an attorney draft a contract addendum that the contractor must sign before you agree to extend the date. Hopefully the contract does not allow for contractor multiple extensions for whatever reasons. In the addendum add in a liquidated damages ie. if the contractor does not complete the home and obtain the CO by ______date, contractor agrees to pay $1000 per day in damages.
That should light a fire under his butt.

Thank you so very, very much. I have forwarded your advise to my attorney. Being a holiday weekend I most likely will not hear from her till Tuesday. I will contact you with the results. Again, Thank you so very much.
Deb

[HomeGuru]

Originally Posted by collinsconst

Thank you so very, very much. I have forwarded your advise to my attorney. Being a holiday weekend I most likely will not hear from her till Tuesday. I will contact you with the results. Again, Thank you so very much.
Deb

**A: be sure that your attorney reads your contract and all other pertinent documents.