Asked by John Anderson, Virginia • Thu Feb 19, 2009
Four months ago, we settledd on a new home from a builder whose sales contract has a clause stating that the buyer respresents and warrants that he/she is purchasing the property as their residence for one year, and that any attempt to TRANSFER the property (i.e., sell it) within the first year will result in a liquidated damages of 5% of the sales price. We had planned to sell our current residence and move into the new home. However, sales are terrible/prices have continued to slide since the April 2008 Sales Agreement. We are contemplating renting the new home; however, we are obviously still in our first year. The Sales Agreement does not specify any monetary damages if we rent the house. We're thinking that at the time of the Agreement (04/08), our intention was to occupy, but now almost a year later, we have changed our mind. Given the lack of specified damages in the Sales Agreement for renting, any thoughts regarding whether the builder can pursue damages against us?
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