No wedding, no new house, need advice

[wednot]

What is the name of your state? Kansas

I signed a contract to build a new home with my fiance. The contract asks for deposits at certain time periods during the construction. My fiance is the one that has paid all of the deposits for the home. The house is still under construction and won't be finished until February. My fiance has broken off the engagement and we are not going to be married. I want to know if I can get out of the contract I signed since he has broken off the engagement? What would (if any) my legal obligations be? Could I be sued by the builder or by my fiance?

He may end up buying the house for himself anyway.


Please, any advice on what I should do and what could potentially happen would be greatly appreciated.

Thank you,

wednot

[BelizeBreeze]

Originally Posted by wednot

What is the name of your state? Kansas

I signed a contract to build a new home with my fiance. The contract asks for deposits at certain time periods during the construction. My fiance is the one that has paid all of the deposits for the home. The house is still under construction and won't be finished until February. My fiance has broken off the engagement and we are not going to be married. I want to know if I can get out of the contract I signed since he has broken off the engagement?

The home builder doesn't care about your personal situation either morally or legally.

What would (if any) my legal obligations be?

you are liable for the contract or your portion thereof.

Could I be sued by the builder or by my fiance?

both

He may end up buying the house for himself anyway.

And why would he do that if you are also liable for the mortgage?

Please, any advice on what I should do and what could potentially happen would be greatly appreciated.

Thank you,

wednot

You are not 1/2 owner of a home with no equity. So, you have three choices:

1. get him to contracturally release you of your obligation in exchange for your quit-claiming your 1/2 ownership interest, or;

2. Partition Suit, or;

3. move in.

[wednot]

My state is Kansas.

I don't want anything, I don't want 1/2 ownership, it's his money and we aren't even married...we haven't even bought the house yet...He is a doctor and I'm a peon. How can I be sued for money I don't have? I'm panicking.

You mentioned 1/2 ownership what do you mean by this? I guess I thought that since we haven't even purchased the house yet only signed a contract to purchase and he has put down the earnest deposits.

What is partition suit and how does one go about getting that done?

Thank you.

[BelizeBreeze]

Originally Posted by wednot

My state is Kansas.

I don't want anything, I don't want 1/2 ownership, it's his money and we aren't even married...we haven't even bought the house yet...He is a doctor and I'm a peon. How can I be sued for money I don't have? I'm panicking.

You mentioned 1/2 ownership what do you mean by this? I guess I thought that since we haven't even purchased the house yet only signed a contract to purchase and he has put down the earnest deposits.

What is partition suit and how does one go about getting that done?

Thank you.

Listen, without reading the contract ourselves we can't advice you correctly. Spend a few hundred dollars to consult with a real estate attorney for your options.

As of right now, based on the limited facts in your post, you are 1/2 owner and liable for the home.

BB...I have a question!

Since she is liable for 1/2..What if the value of the home is worth more at closing than when they contracted. Is she then entitled to 1/2 the equity if he/they decide to sell?

The value of my home went up $20,000.00 in the 6 months it took to build it due to many factors...one being the base price of the home increased about 2 weeks after we contracted to build.

Curious ??

[BelizeBreeze]

Originally Posted by shellandty

BB...I have a question!

Since she is liable for 1/2..What if the value of the home is worth more at closing than when they contracted. Is she then entitled to 1/2 the equity if he/they decide to sell?

The value of my home went up $20,000.00 in the 6 months it took to build it due to many factors...one being the base price of the home increased about 2 weeks after we contracted to build.

Curious ??

Equity at closing is minimal, especially since the ex can trace back the investment for the down payment.

If she wants equity, then she'll have to wait until there is some, over and above the downpayment.

Also, the housing market (except for very few limited markets) has been experiencing a downturn of from 1 to 12 percent. It's a gamble.

Got it!

Thanks for the reply.

That answered my question.

[wednot]

How could I be entitled to 1/2 when we aren't even married and wouldn't even be married when we closed on the house in February. Our wedding wasn't supposed to be until April.

He is putting $150,000 down on the house. I'm putting nothing down.

[BelizeBreeze]

Originally Posted by wednot

How could I be entitled to 1/2 when we aren't even married and wouldn't even be married when we closed on the house in February. Our wedding wasn't supposed to be until April.

He is putting $150,000 down on the house. I'm putting nothing down.

Did you sign the purchase agreement or not?

[HomeGuru]

and you need an attorney asap.