Contract New Home

[cphilbrick]

We recently signed a contract on a new home. The builder has "accepted" our contract but has not ratified "signed" the contract. They want us to make our selections for finishes etc. which requires us to submit a 50% deposit on all upgrades. We do not want to proceed until we have a copy of the ratified contract. We can not get our money back once they have ordered the materials. It has been 35 days since we signed the contract. What is the builders time limit for signing? They can not give us a reason why it is taking so long. Can we back out? Obviously we are not happy with our response so far. Stafford, Virgina

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by cphilbrick:
We recently signed a contract on a new home. The builder has "accepted" our contract but has not ratified "signed" the contract. They want us to make our selections for finishes etc. which requires us to submit a 50% deposit on all upgrades. We do not want to proceed until we have a copy of the ratified contract. We can not get our money back once they have ordered the materials. It has been 35 days since we signed the contract. What is the builders time limit for signing? They can not give us a reason why it is taking so long. Can we back out? Obviously we are not happy with our response so far. Stafford, Virgina<HR></BLOCKQUOTE>

Do you have a copy of the contract. There may be a provision that states something to the effect of, this contract not binding unless signed by the Builder within ____days of acceptance by Buyer or something like that. In any case, 35 days is way to long. The usual time frame is within 3-5 days. You can let the builder know your intention to back out and may see the fully executed contract right away.