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Thread: Backing out of presale condo California

  1. #1
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    Default Backing out of presale condo California

    I'm currently in a contract with a condo developer in Los Angeles for a presale condo unit and would like to get out of the contract and get my full deposit back without any penalties. The condo has not yet been completed and looks to be delayed. My contract says that the developer can keep up to 3% of the purchase price out of my 5% deposit. However, my understanding of CA real estate law is that the seller cannot take any money from the home buyer until the property has actually been completed and certified to be ready for occupancy, which pretty much negates the 3% clause in the contract. Can anyone confirm this and if so, also refer me to any written literature that shows this to be true?

  2. #2
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    Quote Originally Posted by robertc View Post
    I'm currently in a contract with a condo developer in Los Angeles for a presale condo unit and would like to get out of the contract and get my full deposit back without any penalties. The condo has not yet been completed and looks to be delayed. My contract says that the developer can keep up to 3% of the purchase price out of my 5% deposit. However, my understanding of CA real estate law is that the seller cannot take any money from the home buyer until the property has actually been completed and certified to be ready for occupancy, which pretty much negates the 3% clause in the contract. Can anyone confirm this and if so, also refer me to any written literature that shows this to be true?
    I don't know much about this, but I can not see a law, stating, that if work has allready been done, and supplies bought, and people paid to work on it, that you are not responsible for any part of it, finished or not. MeaganRossHutchins, is very knowledgable of California laws, you may want to ask her. Good luck!

  3. #3
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    Sorry, I don't practice real estate law.
    Megan E. Ross, Esq.
    Law Offices of Michael Tracy
    http://www.gotovertime.com

    Disclaimer: The above response is a general statement of the law and should not be relied upon as legal advice. It only assumes the facts that are stated in the message. The above response does not serve to form an attorney-client relationship.

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