I purchased a new condo at the beginning of February to be closed at the beginning of May. It is now July, the condo is not complete, interest rates have risen dramatically, and my costs for moving around are mounting. Do I have any leg to stand on against the builder?
Your purchase agreement probably contains a clause telling you how to terminate the agreement for breach by the contractor. Exercise it. You should get your earnest money back with interest. However, you may not be able to get consequential damages (moving expenses). If you still want the condo, you might terminate the old purchase contract and execute a new one, with a reduced price to cover your expenses or a term specifying that the contractor has to pay you damages if your mortgage goes above a certain rate.
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