Legal Question in Real Estate Law in Massachusetts

Builder keeps postponing closing of condo.

We are purchasing a new construction condo that was supposed to be finished several months ago. We signed the purchase and sales agreement and payed a deposit 10 months ago. The builder has postponed the closing several times forcing us to give up our previous accomodations and live essentially week to week in temporary housing. In the meantime the property value has grown by about 10%, and I am sure they would like us to pull out. We would like to have a definitive date, and for them to finish our home quickly? We are also wondering if we have any rights to reimbursement for our temporary living accomodations and the cost of storing our belongings. We are also at risk of paying penalties on our mortgage rate which we locked in in Nov. Thanks


Asked on 2/21/05, 8:41 pm

2 Answers from Attorneys
Len Foy NH Residential Title & Escrow

Re: Builder keeps postponing closing of condo.

Good Morning and Thanks for Writing -

With regard to the new construction condominium which you are purchasing, space does not permit me to review all of your rights and options. Suffice it to say you do have rights, and you should be represented by a capable real estate attorney in your dealings with the builder from this point forward.

I've seen instances where properties have appreciated to such an extent that the builder, with some subtlety, tries to replace the old buyers (who bought low) with new buyers (who are willing to buy high). It's not a conspiracy theory - it happens in the real estate industry every day.

A consultation with me at our office in Londonderry NH, or in Methuen MA is at no charge. My name is Len Foy and I am a real estate attorney admitted in New Hampshire and Massachusetts. Our office telephone number (at our Londonderry NH offices) is (603) 434-3437.

Regards and Best of Luck to You -

Len Foy, Esq.

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Answered on 2/22/05, 8:44 am
Joseph Murray Joseph M. Murray, Esq.

Re: Builder keeps postponing closing of condo.

Take your sales contract and all extension agreements you have signed to an attorney who should represent you in all future negotiations for any additional extensions, which should be conditioned upon your being reimbursed for ALL out of pocket expenses you have or will incur as a result of the seller breaching the contract by not being able to perform by the sale date.

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Answered on 2/24/05, 4:33 pm


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