Olga Monson, Real Estate Pro in Fort Lauderdale, FL

Can you resell your deposit in pre-construction building before closing?

Asked by Olga Monson, Fort Lauderdale, FL Fri Jan 24, 2014

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Answers

9
New pre-construction contracts are tighter than the old ones, due to law suits of the past real estate market collapse. However, an experienced attorney could find a way of assigning the contract, depending on each particular situation (responsibilities of each party), or help your client/self in the way allowed by the signed contract.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Jul 31, 2014
Hi Olga,

Most people do not resell their deposit. However, contracts may be written as transferable, in the Pre-construction stages, whereby your able to resale the home you put a contract on before you close on that house. The sale rep for the pre-construction can provide you with some answers. However ultimately, have your attorney review the contract to make sure your deposit is secure in the transaction.


Rosa Delany
RESF
305-384-8997
http://www.RESF.com
0 votes Thank Flag Link Mon Feb 3, 2014
The question is the contract is transferable?

We need to read that contract.



Astolfo Bolivar
Real Estate & Financial Services
Bolivargroup@hotmail.com
305-814-2786
0 votes Thank Flag Link Sat Jan 25, 2014
A layer may annswer that not a Realtor
0 votes Thank Flag Link Fri Jan 24, 2014
Hi Olga, Your profile portrays you as a real estate professional. Surely you know to seek legal counsel. Business wise why would someone "buy your deposit"? The question probably is, "can I resell/flip my pre-construction CONTRACT prior to closing? To that you need to carefully read the developers contract and if you don't understand it seek legal counsel right after. Best Wishes, keep up your work.
0 votes Thank Flag Link Fri Jan 24, 2014
Maybe a cash buyer and good down payment. ...can change all.
0 votes Thank Flag Link Fri Jan 24, 2014
This is a question that requires an answer by legal counsel after careful review of the purchase contract. As an agent (and for those who haven't noticed Olga is a real estate agent) I walk away from any transaction that involves assignment, flipping at closing, land trusts, etc.
0 votes Thank Flag Link Fri Jan 24, 2014
It sounds like you are referring to "assignability" of a contract. This allows an individual to actually dispose of, transfer ownership, sell, or trade a home prior to actually taking ownership.

In Florida most standard contracts contain a clause devoted to whether or not this practice will be allowed during a specific transaction. In my opinion, most sellers would view being able to "assign" a contract as risky business for them and therefore give this option careful thought.

This action is likely something that should be presented to an attorney for their input.



Hope this helps,

Bill
0 votes Thank Flag Link Fri Jan 24, 2014
Hello Olga

Sometimes you can sell/transfer your construction deposit to another buyer; it depends mostly on what is written in your reservation contract, and also on the developer. Have a look at your contract. If you used your own agent to represent you on the purchase, get them involved and have them look at the contract, too. If you used an in-house agent for the developer, reach out to him or her and ask the question. And even if the contract says it is not allowed, a reasonable developer might allow you to transfer the contract so long as the new buyer finishes the deal.

Good luck!

BJ Christianson
Summit | Sotheby's Int'l Realty
Promontory Ranch and Golf Club, Park City, UT
801.949.5589
http://www.parkcityhighlife.com
0 votes Thank Flag Link Fri Jan 24, 2014
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