Hawkeye2006
Junior Member
What is the name of your state? Indiana
My wife and I signed a purchase agreement in July 2006 to build a home. After failing to find a mortgage that was in our price range, we signed Termination of Purchase Agreement paperwork. At this point, we aren't even fighting for our $500 escrow money, we just are sick of the builders and want out. Their corporate office has informed us that they "are not accepting our desire to terminate" and are threatening arbitration. At the time we signed and submitted our Termination paperwork, the house was only in the drafting phase and no construction has begun. Also, if we go to arbitration and lose, we are responsible for paying the builders court costs and lawyers fees. Do we have a fighting chance of getting out of this or are we a victim?
My wife and I signed a purchase agreement in July 2006 to build a home. After failing to find a mortgage that was in our price range, we signed Termination of Purchase Agreement paperwork. At this point, we aren't even fighting for our $500 escrow money, we just are sick of the builders and want out. Their corporate office has informed us that they "are not accepting our desire to terminate" and are threatening arbitration. At the time we signed and submitted our Termination paperwork, the house was only in the drafting phase and no construction has begun. Also, if we go to arbitration and lose, we are responsible for paying the builders court costs and lawyers fees. Do we have a fighting chance of getting out of this or are we a victim?