Legal Question in Real Estate Law in Florida

Have construction loan.Dont like to close property.How to get away?

I have a construction loan for the amount of 80K.The property will be ready for closing in a month.I have changed my mind on closing this.The contract says that I may have to pay a penalty of 10% which would be 30K.Is there any way to get out of the deal without incurring further loss.I guess the land is in my name but I have not closed the house.Sofar I have paid 8K interest towards the loan.


Asked on 5/01/06, 1:42 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Have construction loan.Dont like to close property.How to get away?

There is no way to provide a good answer on the facts given, except to read your contracts or have a local lawyer review them. It looks like you bought the land and the house is being built, so it may very well be too late. In all likelihood, this will cost.

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Answered on 5/01/06, 1:48 pm


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