What is the name of your state?What is the name of your state?NJ
we're in the process of purchasing a new home in a new development.We signed 3/30/05, changed to a larger lot/location and changed home model due to lack of guidance/information from the sales mgr. We recently (2nd time)requested to change lots realizing after the roads were paved that the electrical tension wires were substantially closer (20-30 ft) to our property line and that the lot dimensions for usable space (wooded lot)were not as the sales manager had claimed. THey agreed to allow us to change lots with the condition that we would pay at the higher new home price which is 30k higher than the original price we signed 4-5 months ago. According to the sales mgr's reasoning was that they would lose money by transferring us to another lot. Incredulous and unacceptable because whomever buys our lot would have to pay the new higher price anyway.
Her response was the last straw to numerous issues we experienced with the builder and mgr who we feel we cant trust.
We want to rescind immediately from the contract and request our deposit money back( 40k without any interest earnings to us) which they've held all this time without even digging a hole to build yet.
My attorney is away on vacation and his partner whom we dont feel comfortable with, says he would have to do research to find a loophole in the contract to rescind,give specific reasons/complaints and charge us additional monies to do that after we already paid $425 (half of the fee for closing) and all they've done so far is review our contract and sent a counter offer to which we havent received a response back.
Question: Can we rescind during the builder's review process or are we bound to the contract even if the builder hasnt sent back the contract or responded yet?.
My attorney's partner claims the builder could pre-date the contract and I would be legally bound. I feel that's an extreme method to keep contractually bound to the purchase.
Because of time constraints, we asked lawyer send a basic/plain rescission letter and we would later follow up with the details/reasons for rescinding after our original lawyer returns. We dont know if that's a good idea to send 2 separate letters or wait till our attorney returns from vacation and send one,however we are fearfull that the builder might beat us to his returning from his vacation with the contract response and we would then be stuck with this builder.
Please help. need legal info/advice . Thanks all!!
we're in the process of purchasing a new home in a new development.We signed 3/30/05, changed to a larger lot/location and changed home model due to lack of guidance/information from the sales mgr. We recently (2nd time)requested to change lots realizing after the roads were paved that the electrical tension wires were substantially closer (20-30 ft) to our property line and that the lot dimensions for usable space (wooded lot)were not as the sales manager had claimed. THey agreed to allow us to change lots with the condition that we would pay at the higher new home price which is 30k higher than the original price we signed 4-5 months ago. According to the sales mgr's reasoning was that they would lose money by transferring us to another lot. Incredulous and unacceptable because whomever buys our lot would have to pay the new higher price anyway.
Her response was the last straw to numerous issues we experienced with the builder and mgr who we feel we cant trust.
We want to rescind immediately from the contract and request our deposit money back( 40k without any interest earnings to us) which they've held all this time without even digging a hole to build yet.
My attorney is away on vacation and his partner whom we dont feel comfortable with, says he would have to do research to find a loophole in the contract to rescind,give specific reasons/complaints and charge us additional monies to do that after we already paid $425 (half of the fee for closing) and all they've done so far is review our contract and sent a counter offer to which we havent received a response back.
Question: Can we rescind during the builder's review process or are we bound to the contract even if the builder hasnt sent back the contract or responded yet?.
My attorney's partner claims the builder could pre-date the contract and I would be legally bound. I feel that's an extreme method to keep contractually bound to the purchase.
Because of time constraints, we asked lawyer send a basic/plain rescission letter and we would later follow up with the details/reasons for rescinding after our original lawyer returns. We dont know if that's a good idea to send 2 separate letters or wait till our attorney returns from vacation and send one,however we are fearfull that the builder might beat us to his returning from his vacation with the contract response and we would then be stuck with this builder.
Please help. need legal info/advice . Thanks all!!