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We recently entered into a new construction home agreement.

We recently entered into...

We recently entered into a new construction home agreement. $5000 deposit. We would like to back out of the contract. We are okay with losing our deposit, however they have already broken ground on the home and we do not any to get involved in a lawsuit. Are we in danger of litigation or just losing our deposit?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I have contact you. That’s it

Lawyer's Assistant: Where is the home located?

Lewis Center, Ohio

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Just north of Columbus

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Answered in 5 minutes by:
3/19/2018
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,624
Experience: Experienced lawyer
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Hello and welcome. I am working on your answer and will be right back!

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Have they done more than $5000 worth of work?

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Customer reply replied 5 months ago
They have poored the basement
Customer reply replied 5 months ago
most likely yes

If you signed the contract, it does control. You should demand they stop and seek an accounting of funds spent. To my mind your liability would be capped at their cost, giving you credit for the deposit.

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Customer reply replied 5 months ago
Poured

Yes, so if they spent $7500 and can document, that would be a fair termination fee, crediting you with the deposit first

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If my reply is fast and acceptable, please reply "acceptable"

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Customer reply replied 5 months ago
thats how I understand the contract as well
Customer reply replied 5 months ago
Acceptable. Thank you!

Good luck. Kindly rate me 5 stars.

Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,624
Experience: Experienced lawyer
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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