| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 721.1 | 3 ways to get your P&S | RGB::SEILER | Larry Seiler | Tue Mar 01 1988 18:06 | 22 |
| 721.2 | Get a lawyer anyway. | GWYNED::NEWHOUSE | Totally Psychotic | Tue Mar 01 1988 20:55 | 8 |
| 721.3 | Greater Boston Real Estate Board? | NUTMEG::HATCHER | | Thu Mar 03 1988 14:04 | 7 |
| 721.4 | | BINKLY::WINSTON | Jeff Winston (Hudson, MA) | Thu Mar 03 1988 19:55 | 4 |
| 721.5 | P&S Form for Condos | FHQ::HICKOX | Stow Vice | Fri Mar 04 1988 10:53 | 15 |
| 721.6 | Forms from Bob Slate Inc. | LEDS::GRAY | | Fri Mar 04 1988 15:23 | 3 |
| 721.7 | P&S ON LAND | BUSY::BONINA | | Wed Oct 13 1993 10:04 | 49 |
| 721.8 | proper contingencies protect you. | AKOCOA::BBLANCHARD | | Wed Oct 13 1993 11:06 | 19 |
| 721.9 | | TLE::TOKLAS::FELDMAN | SDT Software Engineering Process Group | Wed Oct 13 1993 13:20 | 23 |
| 721.10 | P&S about to expire | ASABET::SOTTILE | Get on Your Bikes and Ride | Mon Jan 27 1997 12:19 | 9 |
|
WHat are the responsibilities of a buyer and seller as the terms of
a P&S are about to expire? In my case a builder has my deposit and
has not delivered the house on time. He doesn't seem too motivated
to do so. I'm tempted to threaten to back out, but I feel if I'm going
to make threats I have to be prepared to follow through. Then there's
the case of him having my deposit. Is he entitled to it, or is he
leagally required to return it since he has not held up his end of
the agreement?
|
| 721.11 | | STEVMS::EDRY | If you think education's expensive, try ignorance | Mon Jan 27 1997 13:04 | 28 |
|
RE: .-1
A P&S is a legally binding contract with specific deliverables from
both parties. Theoretically if one party is not living up to their
end of the agreement then the other party could be entitled his their
money back possibly along with damages.
Since the builder "has" the deposit this can be problematic. The
earnest mney you gave the builder was required to be put in an escrow
account. I believe the builder should have/or must provide upon
request the name of the bank and the account number where the money is
escrowed.
Have you "warned" the builder that he/she is about to break the
terms of the P&S? If he/she does break the terms of the P&S then you
may have to send a certified mail to him/her indicating he's in default
and that you are terminating the p&s as per your rights and want a
complete and timely refund of your earnest money.
This isn't something the builder will like you doing and will
likely end the two parties up in court. My advice is to talk to the
builder and tell hime that your upset he's not living up to his end of
the contract. If he/she balks or snears at your suggestion, then it's
time to go talk to your attorney right away.
|
| 721.12 | How late are they? | ASDG::SBILL | | Thu Jan 30 1997 12:18 | 12 |
|
How late are they in delivering your house? If it's 2-3 weeks, that's pretty
normal. If it's a month, that's pushing it. Sometimes it's totally beyond the
builder's control. He could be waiting for some special item you ordered to
arrive so it can be installed, etc. Ask what the delay is, perhaps it's
something that can just go on the punch list to be fixed after the closing.
Start nice, find out what the problem is, see if you can help in any way. If the
builder refuses to work with you, get progressively nastier until you end up in
court. But you want to get into your HOUSE not into COURT so try to work
together with the builder to get what you want.
Steve (who just closed on a new house last Tuesday)
|
| 721.13 | depends on the contract | TLE::WENDYL::BLATT | | Mon Feb 03 1997 15:27 | 18 |
| The P&S fine print should spell out exactly what happens
for various default scenarios.
Part of the "fun" of generating a P&S is working through all the
potential pitfalls and whatifs. If the P&S was drafted
by the builder('s attorney), you can be fairly sure
that he loses nothing and possibly even gets automatic extensions.
If your attorney was sharp (if you used one), the contract would
likely be modified in such a way that protects you and your
deposit for various scenarios.
The standard "form" P&S in most states will be biased toward
the seller. The buyer's attorney uses it as a draft form and a
starting point for modifications.
Read your P&S and get an attorney.
|