Can you cancel a condo purchasing contract when the developer can't close the loan on time?

In the contract, developer has the right to delay the closing for 2 (30) days period. But it doesn't state if I can get the deposit (3%) back. Now they told me it's going to be 4 months out. Can i get the deposit back?

Can you cancel a condo purchasing contract when the developer can't close the loan on time?
Of course you can get your deposit back, but does that really accomplish your goal? Why did you purchase the condo? If home ownership is whar you want, and if you like this property, why are you trying to bail out? You will find through experience that an additonal 60 day delay on top of the 60 days they were anticipating on a large construction project is not all that uncommon. With building materials going to China and the rebuilding of the homes struck by Katrina, etc., there are delays in almost every project.





If you are being injured financially in some way by the delay, calculate how much it is costing. I'm not talking about rent. You would be paying rent or a mortgage anyway. But, perhaps you gave notice and someone is waiting to move in to your apartment. Now you have to put everything in storage and rent something short-term - expensive, usually for short term - and the storage will cost, too. That is an expense you were not planning. Go to the builder and request that you are issued a credit at the closing for those costs.that are over and above your normal rent. If agreed upon, get it in writing right away. Builders are in a world of hurts right now. Standard Pacific and other large builders are laying off sales staff and support personnel. They would rather give you a concession than have you go away. Negotiate for yourselves.





If you are simply getting cold feet, then by all means, use the breach of contract by the builder as a way of bailing out and getting your 3% back. In a condo project as opposed to a single family home, there is almost no way to complete your unit within the specified time frame, 60 days late. The configuration and certificate of occuplancy required for move-in involves the whole project, so you can, indeed bail out.
Reply:Unless there is something that says that they can keep your deposit then you would be entitled to it back as it was the consideration given for the contract that they breached. Read it over again carefully and see. I think you should get it back with interest.
Reply:Yes, of course. If the seller can't close as agreed, the contract is void and all monies paid must be refunded. Money paid to a lender for credit checks or application fees may not be refundable; that's a separate issue.
Reply:u need a proper lawyer, its tricky and sticky!
Reply:Depends -- was this a non-refundable deposit, or was it earnest money?





You should be entitled to a refund of earnest money if the seller backs out or if contingencies in the sales agreement are not met.





You might not be entitled to a refund if it's a non-refundable deposit, particularly if you have requested any customization of the yet-to-be-built property.





Laws vary. Call a lawyer.
Reply:It all depends on what your contract says. If you're not sure, have a lawyer look at it.