Talk of The Villages Florida - View Single Post - Deposit on land..what if?
Thread: Deposit on land..what if?
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Old 01-23-2011, 10:02 PM
Hal :-) Hal :-) is offline
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Originally Posted by mrdarcy View Post
This month I put a deposit on a parcel of land in TV. I'm hoping my house in Atlanta will sell, so I can build my house in TV (the Ivy). My contract says I need to begin building the TV house within 12 months. Does anyone know what happens to my deposit, if I cannot begin building within 12 months (i.e. can't sell my house in Atlanta)? Can the required timeframe be extended? If not, can the deposit be transferred to another parcel that comes available?
I think they'll work with you because they want to sell homes. But be careful, be nice to them because they hold all the cards. I think the Purchase Agreement you signed is boilerplate. You probably initialed the paragraph, "...in the even Buyer defaults under any provisions of this agreement, all monies paid hereunder shall be retained by the seller as liquidated damages".