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Is this standard legal stuff or is the guy going broke ?
Posted on 4/12/13 at 6:13 pm
Posted on 4/12/13 at 6:13 pm
So I put in an offer on a townhouse. New construction. I got back a counter-offer that I am agreeable to, but they also added the following language.
It is a 10 yr old company so it's not like it's the guys first rodeo.
So like I said is this just standard legal stuff ?
TIA
quote:
This sale is contingent upon the developer's ability to obtain construction financing for unit. In the event financing is not obtained, this contract shall be assignable to the developer who ultimately builds the unit.
It is a 10 yr old company so it's not like it's the guys first rodeo.
So like I said is this just standard legal stuff ?
TIA
This post was edited on 4/12/13 at 6:14 pm
4
Posted on 4/12/13 at 7:12 pm to SG_Geaux
Sounds like he has bank issues.
Posted on 4/12/13 at 7:51 pm to SG_Geaux
I wouldn't sign it.
Posted on 4/12/13 at 8:09 pm to SG_Geaux
quote:
, this contract shall be assignable to the developer who ultimately builds the unit.
So... you are signing a contract with the person/company who is going to build it, except that if they can't get financing they would just assign your contract to someone else.
Unless you are ok with any random person being assigned the contract I wouldn't agree to it. At the very least, he would have to explain to me why he put that in there and we would flesh out that condition a good bit and include some extra parameters and narrow the outcome quite a bit.
Posted on 4/12/13 at 8:17 pm to SG_Geaux
Where is developer defined in the contract? The developer assigned the contract could be a non-licensed contractor if not a contractual requirement.
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