How doe I get out of a new construction loan in south carolina
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How doe I get out of a new construction loan in south carolina
I am a retired veteran who is 80 per cent disabled.
How do I legally get out of the contract to build this
house it is scheduled to be completed August 1st
2018. The VA has approved the loan. I want to know
all my options before approaching builder. Thank you
Asked on May 27, 2018 under Real Estate Law, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
You can't get out of the contract to build the house--since the whole point of a contract is to bind or obligate the parties despite changing circumstances or changes of heart--unless one or more of the following four things occurs:
1) There is some cancellation clause in the contract itself and you comply with its terms.
2) The contractor knowingly or intentionally lied about something to get you sign the contract, in which case they committed fraud, which will let you void (invalidate) the contract.
3) The contractor breaches or violates a material or important term of the contract, which would let you terminate it.
4) The contract becomes physically impossible (e.g. a sinkhole opens up on the building plot, so the house can't be built there) or legally impossible (e.g. the local government will not grant building permits).
Otherwise, you are locked into the contract you signed. Your retiree status and disability status have no bearing on the contract's enforceability.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.