Legal Question in Real Estate Law in New Jersey
i'm trying to buy under construction house.
We found this home like 2months ago on the market and we loved it. it was about to go into major renovation which was all included in the price.
initially the seller(constructor) wanted to close on May 5th, but we asked to close on May 14th cus we would be out of country til may 13th.
It's may 16th, they are not even half done! and they rejected our letter of time of essence saying may 14th was estimated closing date and construction can take longer. our rate lock will expire in 5 days(extension fee will be $1520), our lease on the apt will end this month(extension fee will be $960).
WHAT CAN WE DO?? is there any way we can get compensated for all the fees and extra costs and make sure they do not delay renovation any longer?
2 Answers from Attorneys
Re: i'm trying to buy under construction house.
If your contract covers construction delays and your loss of financing, check to see what your rights are. The contract should have spelled out what kinds of extensions the seller had the right to and what rights to cancel you had.
It is not unusual in new construction or major renovation for the work to take longer than anticipated, and it is also difficult to have a mortgage rate lock for more than short periods, because rates do fluctuate. Your lender may be willing to extend your mortgage commitment, and even that rate, for a small additional fee.
You really should be represented by a real estate lawyer in or near the County where the property is located. A knowledgeable experienced lawyer would have made changes to the contract to provide for these contingencies.
Re: i'm trying to buy under construction house.
I have read what the other attorney wrote.
You really and truly need an intelligent and experienced lawyer to assist you. Find and hire an attorney who does a lot of real estate but who also goes to court and litigates a lot.
Good luck to you.
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