Home Buying in Miami>Question Details

Ray, Home Buyer in New Jersey

hi,I am in the process of buying a preconstruction in Miami FL. My Finacial status has since changed and I

Asked by Ray, New Jersey Sat Nov 10, 2007

have 84K that i gave as a deposite. The building is not schedule to be finished until mid 2008, can I cancelle my contract and get my money back?

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6
The first thing you need to do is consult a good real estate attorney. Contracts with builders are tricky and have all kinds of built-in costs and charges, and can be vague when it comes to deadlines or obligations on their part. Each one is a little different, so take not chances with that much money at stake: have a professional look over the contract right away!
2 votes Thank Flag Link Sat Nov 10, 2007
You should have your contract reviewed by an attorney. There may be many legal grounds to cancel your contract based on Florida Law and/or Federal Law which only an attorney will be able to determine if your contract can be canceled. You may get further information at http://www.cancelcontractattorneys.com
0 votes Thank Flag Link Sat Jan 12, 2008
Ray~
Most developers contracts have no financing contingency, so...you would be expected to close when the building is complete. There are many people in the very same situation; Family & Financial situations have changed from the time the deposit was made and the contract signed. More devasting is the fact that values have also changed from the time the contract was signed and now. Many people, especially in Miami, Miami Beach, Sunny Isles Beach have bought or entered into contracts just to flip them and reap a big profit. Depending on the developer, the type of unit you bought, whether the contract is assignable, etc. You could possible sell your contract. If the unit is in demand, the developer may wish to re-sell it for you. Best to seek competent legal advise fro an experience qualified attorney.
0 votes Thank Flag Link Thu Dec 20, 2007
I suggest that you take the contract to a lawyer for review. Remember that everything is negotiable, don't give up. Yes, most of the time the contract favor the builder, but I am sure that if you can not qualified then you can cancel unless it was a cash deal. If you need me to finde a real estate lawyer i can give you a list .
Good Luck
Web Reference: http://www.arfirm.com
0 votes Thank Flag Link Mon Dec 17, 2007
Ray, what you have signed is a builders contract which always favors the builder. The best thing I can do is point you in the right direction. I have sent a link regarding this same scenario to others. Check it out... Good luck!

http://www.depositrecoveryservices.com/labels/florida.html
0 votes Thank Flag Link Sun Nov 11, 2007
What does your contract state? You will need to consult with a good Real Estate attorney to interpret your puchase contract with the builder. Let's hope you have some contingencies in there which will make your cancellation easier.
0 votes Thank Flag Link Sat Nov 10, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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