pre-construction condo, how to get out - Posted by Andy

Posted by River City on September 01, 2006 at 08:46:17:

That depends on whether or not there is an “out” clause in your contract. Since no one on this board knows what is in your contract, you need to read the contract.

IF your contract is contingent on financing and you no longer qualify, the lender is required by ECOA (Equal Credit Opportunity Act) to give you a letter of denial aka Adverse Action. You should be able to use this letter to void the contract. Whether or not you will receive your entire deposit back depends on the verbiage in the contract.

pre-construction condo, how to get out - Posted by Andy

Posted by Andy on August 31, 2006 at 23:55:46:

I put 10% deposit to purchase a pre-construction condo in Fl, and removed the financial contigencies. My financial situation changed. I will not be able to close the deal. Are there any options to recover my deposit from the escrow account?

Thank you in advance

You can find units in Pre Construction Condos Toronto through real estate agents, brokerage firms, and condo developer websites. Real estate agents and brokerage firms can grant homebuyers exclusive access to a project during the Platinum and VIP stages, before the project goes public. They have specific experience in the front construction industry and will help you find the best condos.
Signing the deed of sale does not immediately transfer title to the property. Instead, you receive unit assignments that act as reservations for specific units when construction is complete. Once the unit is ready (which takes several years), you can move into it for the duration of your residency. You will then be given full ownership of the unit.