Question for Troutman and other real estate experts

[Godard Fan]

I have recently entered into two purchase contracts for a new home and condo. The condo is already under construction but won't be finished until 2011. They haven't broken ground for the house yet as I'm still at the colour choosing stage. For both properties, I have already give a 15% deposit.

Given the economic uncertainty, I'm having second thoughts. Is there any way I can get out of these contracts and get my deposits back?

Thank you for your input.

[Incinerator]

I'm gonna assume you've waived all conditions if the builder already has your 15% which makes it a firm sale, so to answer your question: no, you won't be able to walk away with your deposits back.

Of course for the best answer you should consult your own lawyer in these transactions, but since it's a new home you probably used the builder's lawyer?

[pepper24]

You probably won't be able to get your deposits back but I'd check with your lawyer.

Also, are these investment properties or do you plan to live in at least one of these properties?

[ken0042]

To me this sounds more like the type of thing where you should retain a lawyer; as opposed to asking questions on a message board. As with your circumstances it would probably involve somebody looking at your contract to see if there is an escape clause.

I believe Troutman's contact info is in the Power Ring section, and as somebody who has retained him in the past I will once again vouch for the quality of work him and the folks at his office did for me.

[troutman]

Sorry I was away Monday - there was a similar discussion here, starting at post # 409.

http://forum.calgarypuck.com/showthr...+print&page=21

[Winsor_Pilates]

It's my fulltime job to answer questions like this, and the answer is almost certainly NO.
As mentioned abover, I'd have to see your contract to be 100% sure, but of all the presales contracts I've ever seen(atleast 50 different projects), the answer would be no.
Your best bet for getting out, is if the developers have to make some major change which will require a new disclosure statement and reopen your 10 day rescission period.