New Jersey  |  Real Estate Law

Legal Question

Asked on: 6/19/13, 7:39 am

I signed a new construction contract with Toll Brothers. However I had to give them a down payment of 10% of the sale price then 20% of an upgrades and selection. I gave them the 10% down and part of the 20% of the upgrades and selection and I had a delay on getting them the rest of the money. When I tried to give them the additional funds they told me that the contract is cancelled because I breach the contract and did not give them all of the money at the due date. They said that they have another buyer interested int he lot that we chose and we can contract with them for another lot. I tried offering them the balance of the money owed and they are refusing to take it because they want to sell the lot which is premium lot to another person because the prices has since gone up. THey said they will contract with me for a different lot and if not they will refund me my money and keep 5k for damages. I told them I want to continue with the contract but they are refusing and said they will only continue with a different lot. They want me to sign a release for the lot we are in contract before they can start the new contract for the new lot. But I am refusing to do so until the give me the new contract with the same set of prices and then we will sign both the release and the new contract. Can I force them to continue with the contract since it is new construction and they did not even start building yet and I am offering them the balance of the money

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