Home Penalties, pt 2

[Prototype]

Shane_c's thread sparked a quesion that's been in my head for a while. My wife and I live in a condo, but we want to move into a house. She signed a document saying that we'd live there for a full year or face a penalty. I'm not sure if this was condo board, builders or whoever, but I've heard this being an across the board real estate thing.

We moved in October, and even tho we are close, we'd like to start looking, and if we find something, we want to know what the costs involved will be.

I've talked to a few people, and one person who I trust in the matter says that they only look at this clause when people are buying and selling on a regular basis. If this is our first place, and we're pretty much 10 months into it, there shouldn't be a problem. But seeing as I wasn't there when my wife signed the documents, I don't know for sure.

Anyone ever heard of this before?

[Ironhorse]

Sounds like a clause to keep the home flippers and profiteers out. I'd check with your condo board and explain your situation.

[Rhettzky]

We just ditched our condo and had to pay a pre-payment penalty. I don't know much about it because my wife deals with all that stuff. But that was in regards to ditching on our mortgage early. I think the total cost was around $2,000 or three months of payments.