Legal Question in Real Estate Law in Colorado
Termination of Agreement for Purchase and Sale
On February 2, 2003 my husband and I signed an Agreement with a local Residential Builder. As of October 30th, 2003, construction has not yet begun. State of the site - currently in the city for Permit. We have paid a significant Earnest Money Deposit, along with 1/2 of cost of all customized changes to the orginal floor plan. Again, no construction has started. Can we terminate this agreement? and Do we need to forfeit all Monies paid to date, or are we entitled to our Earnest Money?
Asked on 10/30/03, 1:37 pm
1 Answer from Attorneys
Eric Fisher
Law Office of Eric A. Fisher. LLC
Re: Termination of Agreement for Purchase and Sale
You should have an attorney review the agreement you signed. The method of terminating the agreement and return of earnest monies should be spelled out.
Answered on 10/30/03, 6:38 pm
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