Legal Question in Real Estate Law in Georgia

Buyers rights when builder can't finish home in time for closing

We are buying an unfinished home we put in offer 5 weeks ago, Home was 75% complete, builder agreed to all terms, closing was to be april 22, bulder did not start home until this week now says he cant't finish by deadline, Now we lose our interest rate that we were locked into, We did everything we were asked. We have a loan,have the homeowners insurance done, hired surveyer etc. Do we have any rights or any way to get money back now that we lost interest rate?


Asked on 4/09/04, 9:08 pm

3 Answers from Attorneys
Debra Palazzo Law Offices of Debra Palazzo, LLC

Re: Buyers rights when builder can't finish home in time for closing

The answer depends on the contract terms. Also, didn't you have an atty? Was the Builder required to post a bond? Was he able to use your downpaymnt to build? Generally, a Sale is not contingent on a Buyer getting a specific rate so you prob have no recourse there. I am concerned about him fininshing the house, at all. You should hire RE atty ASAP.

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Answered on 4/10/04, 10:36 am
Charles Okyere Charles okyere Esq

Re: Buyers rights when builder can't finish home in time for closing

Your recourse will depend on what is in your contract. You should have a clause in your contract dealing with unreasonable delay.

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Answered on 4/10/04, 10:50 am
Charles W. Field Charles W. Field, Attorney at Law

Re: Buyers rights when builder can't finish home in time for closing

Depending on the contract language, you probably have rights. You should contact a local attorney.

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Answered on 4/10/04, 6:25 pm


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