Asked by Icemerson01, Battle Creek, MI • Mon Nov 14, 2011
My husband and I were going to build a new home in a subdivision in our area. We signed papers in June stating that in March we would have the down payment and we could begin construction at this time. We put a $500 on the lot of our choice. We stumbled upon a home we love and makes more sense financially for us to purchase. We notified the builder of our decision NOT to build with them and they said that we may owe them a $5,000 fine for working with another realtor and they reference a section in our agreement. This section mentions nothing about another realtor, only that is we were to default....I am confused as to why we pay the $5,000 if the agreement mentions nothing of another realtor....so my questions is, what does it mean for a buyer to default under these circumstances?
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