Skip to main content

During the period to waive conditions can a buyer back out of sales agreement with a new home builder for ANY reason?

Wife and I are contemplating signing a sales agreement/purchase contract to build a home through a new home builder.

The agreement explicitly lists 1 condition, that I am copy/pasting here

​

THIS AGREEMENT IS SUBJECT TO THE FOLLOWING CONDITIONS and the parties agree that the *builder* may cancel this Agreement if, on or before the dates respectively noted for the fulfillment or waiver of each such condition, the Builder has not been notified in writing signed by the purchasers of such fulfillment or waiver:

Subject to purchasers providing a bank statement showing availability of down payment funds on or before Sept 9, 2023

​

​

While it is unlikely that we will change our mind about moving forward with this purchase, my question is, do we (the buyers) have until Sept 09 to back out of this purchase contract regardless of the reason and even once this agreement is signed?

Excuse the newb question as this is our first time purchasing from a builder and the part in this clause that states that the *builder may cancel this agreement* makes me feel uncertain if we as the buyers are also within our rights to cancel or walk away from this agreement or not?

​

submitted by /u/garysn53
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/164b1ky/during_the_period_to_waive_conditions_can_a_buyer/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more