I
IamMatt
Guest
California. On 7/27/2000, my wife and I signed a contract for roughly $8000 in home-repair work after an in-home presentation, with the work to begin on "approximately 8/21." We no longer want the work done by this company. It is past the 3-day rescission period. The contract states, ") Zero down, 7897.00 to be financed. This order is contingent upon customers & lenders approval of financing."
The question is, can we use this clause to rescind the contract by simply saying that we have not found financing of which we approve? Three sticking points concern me.
1) We filled out a very basic financing application with the company, but did not follow up by sending them copies of our tax returns as they said they would need to offer us credit with them (we indicated we would probably obtain financing from a source other than the company). Are we obligated to allow them to make us an offer of financing?
2) The contract has a line that states "25% of contract price penalty for canceling after 3 day rescission" followed by a space for initials, and "I/we received the pamphlet, "Protect your family from lead in your home" followed by a space for initials. We received the pamphlet and initialed the space, but we did not initial the space following the comment about the 2% penalty. Is this going to create a problem?
3) If the answer to #2 is no, could we still be liable if they say they had to order materials or relied on our schedule to their detriment in terms of not securing other work? The contract was for texture-coating the exterior of the home, and the company says it is one of the largest Tex-Cote dealers in the country. We picked standard colors, so they should not have had to order anything custom.
Thank you.
Matt Cook
[email protected]
(310) 543-5182
The question is, can we use this clause to rescind the contract by simply saying that we have not found financing of which we approve? Three sticking points concern me.
1) We filled out a very basic financing application with the company, but did not follow up by sending them copies of our tax returns as they said they would need to offer us credit with them (we indicated we would probably obtain financing from a source other than the company). Are we obligated to allow them to make us an offer of financing?
2) The contract has a line that states "25% of contract price penalty for canceling after 3 day rescission" followed by a space for initials, and "I/we received the pamphlet, "Protect your family from lead in your home" followed by a space for initials. We received the pamphlet and initialed the space, but we did not initial the space following the comment about the 2% penalty. Is this going to create a problem?
3) If the answer to #2 is no, could we still be liable if they say they had to order materials or relied on our schedule to their detriment in terms of not securing other work? The contract was for texture-coating the exterior of the home, and the company says it is one of the largest Tex-Cote dealers in the country. We picked standard colors, so they should not have had to order anything custom.
Thank you.
Matt Cook
[email protected]
(310) 543-5182