- Jan 17, 2017
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Builder Legally Cancels Home Sale Six Days Before Closing
Steve Lehto
Steve Lehto
Builder Legally Cancels Home Sale Six Days Before Closing : Steve Lehto
- Thread starter mat200
- Start date
I'm not generally for more regulation, but some law needs to exist that makes contracts readable and concise. Most contracts are written to be as cumbersome as possible so people don't read them and just agree. They're in ALL CAPS on purpose to make it excruciating to read, and they drone on and on so there's no end in sight.
Plain language, in a readable font.
looney2ns
IPCT Contributor
Most people still wouldn't read them.
My 2 cents, don't buy a house from a large corp that builds 100's or thousands of house's.
In most instances, they do a terrible job, and you will have problems with the house as time march's on.
Look at the complaints for most of the large national builders.
fenderman
Staff member
- Mar 9, 2014
- 36,892
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I didnt watch the vid so no idea if the buyer had an attorney. Very few states have this requirement but at 1000-1500 it is money well spent.
Dating back to the 70s, there is a fed regulation that not only must a "buyer" be given a copy of contract, it is required that the contract be explained in simple language to the "buyer" so they understand. The reg came about from the many lending companies at the time. Many non English speaking folks lost cars, boats, houses, etc simply because they didn't understand. Sad the reversion and disregard for regs cause this kind of travesty. Unreal
sebastiantombs
Known around here
I would never make a purchase like a house without an attorney reviewing the contracts just for loopholes like this. In effect the builder leveraged the buyer to cover the construction costs and had an opportunity, based on the ignorance of the buyer, to cancel the original and sell it for a lot more. Unfortunately, for the buyer, that's the way business works and the ultimate blame is on the buyer for not having a review of that contract before signing originally.
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When I purchased my first house, I read every document and annoyed the heck out of the gorgeous title agent as I did so. She's used to people just signing things without reading them. 2nd house I skimmed quicker.
Judge Judy would often make reference to "meeting of the minds". A valid contract is one in which both parties have the same understanding of what's in the contract. If it can be shown that one party had a different understanding despite signing a contract, there was no meeting of the minds... wouldn't help in this case because the remedy is returning the property to the original owner, and the cash to the purchaser.
Judge Judy would often make reference to "meeting of the minds". A valid contract is one in which both parties have the same understanding of what's in the contract. If it can be shown that one party had a different understanding despite signing a contract, there was no meeting of the minds... wouldn't help in this case because the remedy is returning the property to the original owner, and the cash to the purchaser.
Mike A.
Known around here
- May 6, 2017
- 4,184
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Same. Near rolling their eyes when I asked questions about various clauses. I did get some strike-outs and adds though. Was working at a job negotiating big contracts at the time so I was used to nit-picking contract details.
No they did not. That clause was in the contract and was even in bold font. But that is what happens when you have no representation. People think they are saving some cash if they do not hire someone to represent them. And probably in most (?) cases they do, but sometimes it does not work out too well.
It depends on the size of the pool. You would not use dynamite in 2022. Dupont stopped making it in 1976. You would be using Tovex or something similar.
I can tell you from experience, 2 1/2 pounds of Tovex is way more than is needed to pop a very large beaver dam.
At my first closing, the builder was hovering over me saying "Don't read it, sign it".
