buyback contingency

[AlKFR]

In New Jersey, I purchased a lot from a builder with a contingency that he can buy back the lot with the same terms and conditions, if I don't sign a contract with him to begin building within 6 months of the lot purchase date. Six months was 3 months ago at which time he stated "don't worry about the buyback clause, I won't exercise it" and wouldn't give us a written extension on the contingency, the extra time was needed, to allow us to complete the variances we applied for and get final plans from our archetect. We are near final negotiations to enter into contract now, but he continually "forgets" prices that were verbally agreed upon. Can he leverage us this way, or can we keep the lot and get another builder because of unconsionable price increases, or are we stuck with him and his poor memory ?

Is there any way we can get out of using this builder and still keep the lot that we purchased from him ?

 

[HomeGuru]

In New Jersey, I purchased a lot from a builder with a contingency that he can buy back the lot with the same terms and conditions, if I don't sign a contract with him to begin building within 6 months of the lot purchase date. Six months was 3 months ago at which time he stated "don't worry about the buyback clause, I won't exercise it" and wouldn't give us a written extension on the contingency, the extra time was needed, to allow us to complete the variances we applied for and get final plans from our archetect. We are near final negotiations to enter into contract now, but he continually "forgets" prices that were verbally agreed upon. Can he leverage us this way, or can we keep the lot and get another builder because of unconsionable price increases, or are we stuck with him and his poor memory ?

Is there any way we can get out of using this builder and still keep the lot that we purchased from him ?

**A: you have nothing in writing at this point and that's what counts. Hire an attorney fast before you lose everything.