Home Buying in Cordova>Question Details

M., Home Buyer in Cordova, TN

Do I have to sign an addendum?

Asked by M., Cordova, TN Fri Jan 9, 2009

My house( a new construction) was schedule to be ready to close on Jan. 15, 2009. It will not be ready until mid Feb. My agent wants me to sign an addendum to extend the contract. Do I have to sign this? I think I want out of the contract because they have not done their part.

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5
You may have a chance to do so, but the safest move may be to discuss the contract itself - only that which is written - with an experienced attorney. For your sake, do so quickly.
1 vote Thank Flag Link Fri Jan 9, 2009
I agree with guys below - first, not seeing your original contract and reviewing the remedies of extension - we have no way of knowing what is prescribed. Some contracts have "acts of God and weather contingencies" in them.

Contact a REAL ESTATE attorney. Have him check it out. If you and the builder are using the same closing attorney - have another one not in that firm review it.

I wish you all the success in getting what you want.

Jo Shaner
0 votes Thank Flag Link Sat Jan 10, 2009
M.
Just to make sure your get our point, have a lawyer look at this contract before doing anything. Is the agent the listing agent or does he work for the builder?
0 votes Thank Flag Link Fri Jan 9, 2009
You do not have to sign an extension however depending on how the first contract was written is whether you will be able to get out of it and get your deposit back. Some builders add paragraphs in case of this and you may have agreed to it without having reviewed it. You should have your buyer broker go over it with you or use the free consoltation you get with an attorney whop can read it and give you an oppinion. Good luck working things out.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Jan 9, 2009
Ditto on Kevin's comment. Before you do anything consult with a good real estate attorney. You may or may not be able to negate the current contract.
0 votes Thank Flag Link Fri Jan 9, 2009
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