Posts Tagged ‘earnest money’
No Right of Rescission for Improved Lot
Question: We recently signed a contract to purchase a home to be built within a year on a lot in a beautiful community in north Mesa. Although we love our lot, the day after we signed the purchase contract, we realized that, because both of us work in downtown Phoenix, the daily commute would be…
Read MoreReport Must be Given When Signing Contract
Question: I signed a contract to purchase a new home in a development in west Phoenix. I paid a $20,000 non-refundable earnest-money deposit. At the time that I signed the contract, the salesman for the development company said that the company temporarily had run out of subdivision public reports, and that one would have to…
Read MoreSupreme Court Says That Builder Must Be Able To Perform
On June 14, 2013, the Supreme Court of Arizona ruled in Thomas v. Montelucia Villas, CV-12-0156-PR that, payments by the buyer to the builder can be forfeited for breaching the contract only if the builder can show the ability to perform under the contract at the time of the closing date. In other words,…
Read More