Legal Question in Real Estate Law in Illinois

Reimbursing builder for interest on construction loan
We had a house built and closed in November. After the fact, we noticed that we did not get all our credits for things we had purchased ourselves. After talking to the builder, he said not to worry, it would be taken care of. After 7 months of waiting, we finally approached him regarding reimbursement for those credits. He is getting everything together now but yesterday told me that we owe him for the interest he paid on the construction loan he took out to build our house plus a couple of other things he ''forgot'' and he would be deducting these amounts. This is the first we heard of this and needless to say we were blindsided. As far as I know, there is nothing in our contract that says anything about reimbursing him for interest. Is this something that is typically done? Should I hire a lawyer?

Asked on 6/26/08, 8:36 am

3 Answers from Attorneys

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Re: Reimbursing builder for interest on construction loan

What does the contract call for? You should have had an attorney represent you from the beginning. An attorney would have made sure that you obtained a credit at your closing for all items you paid for. Definately hire one now if the amount of money at issue is significant.

Answered on 6/26/08, 10:39 pm

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Thomas Moens Moens Law Offices, Chartered

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Re: Reimbursing builder for interest on construction loan

Depends on what is in your contract. You should have had an attorney from the beginning of this process, but now would be another good time to hire one.

Answered on 6/26/08, 10:11 am

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