SRAMP
Active Member
I just assume, but some one in this forum can confirm. If they miss the final occupancy date, then we can cancel the contract and walk away with the deposit. But with the current situation, I think there will be new occupancy date. If they are planning to amend the occupancy date then definitely they would amend price as well. This is my assumption.My question is: If the same judgement as Lakeview, is passed on Heartlake, will the receivership period, and new terms of the receivership override the old buyer-seller agreement with Van dyke? Secondly, because of the zero activity on the project for such a long time, it's most certain that the existing closing dates will now be missed. And possibly new closing dates would be set. Based on that, would the buyer have the option to choose to continue on the new terms or request for his or her down payments.
But I am hearing lumber and other construction material costs are getting cheaper now. I dont know how much truth in it. If that would be the case, we have an odd chance, they would nt change the price.
In either case, they could not complete the project before outside occupancy date and we would have a chance to walk out of project.