jbaa1
Active Member
So what happens if we don’t get an update on closing by July 30?
They need to deliver, and if not give deposit back?
They need to deliver, and if not give deposit back?
- Thread starter gquest
- Start date
gquest
Active Member
You missed one more...Or mutually agree with buyers to extend.
jbaa1
Active Member
Oh okay .. but that will be individually mutually agreeing with each buyer?
Could get messy..
gquest
Active Member
More like..."hey guys, we'll like to complete the project, we'll honor the existing sales agreement as is provided you agree to the new occupancy dates, etc. If you don't want, come take your deposit"
jbaa1
Active Member
Hm Interesting ..
jbaa1
Active Member
I’d take longer occupancy if no price change!
Any price movement will just trigger me, because you also know that will come time change. Just out of principal lol.
SRAMP
Active Member
I didn't cap the development charges. So I would ask them to cap that as well, if they plan to just amend the occupancy dates. If not, I will be out.
. I think they would charge at least 50k for development fees.jbaa1
Active Member
I think I had $5 or $10k capped fees… can’t recall. My lawyer advised on it.I didn't cap the development charges. So I would ask them to cap that as well, if they plan to just amend the occupancy dates. If not, I will be out.
gquest
Active Member
Oh yeah...definitely, if not capped, be prepared to pay $50k based on the absord charges I'm seeing lately.I didn't cap the development charges. So I would ask them to cap that as well, if they plan to just amend the occupancy dates. If not, I will be out.
jbaa1
Active Member
E
Either way I think they’ll increase the cost to complete, and break purchase agreements if needed. I don’t think development fees will play much of a role here.
gquest
Active Member
Not that...SRAMP was just pointing that he's out if he can't cap it...it will be the main reason to walk away if you didn't capped it and if they’re asking for more money.
jbaa1
Active Member
Oh I see. Everyone will be able to walk away either way, just on the occupancy April 2025 deadline alone.
Deanfeb
Active Member
It dont matter if they increase cost and you dont cap the fees you will be screwed , they will make u pay the max.. My friend had to pay $46k on fees last year on. TH .. Once KSV give u new sales agreements then take to lawyer and have it cap and also u can excluded rental water heater if u want buy ur own..Etc
jbaa1
Active Member
Right I see what you’re saying.
If you didn’t cap, you are definitely seeing a price increase.
The bright side if you didn’t cap, you will be able to exit for sure due to them not finishing by April 2025. You’ll be able to exit.
Deanfeb
Active Member
Exactly!! Plus if u are staying with price increase u will be able to cap fees .. Thats always a loophole that builders use to make extra cash if u dont know!