I signed an agreement for purchasing a town home. The house is under construction and is expected to complete by 12/15/2008. I put down $7500 in earnest money so far. I got $69,000 in incentives at the time of signing the agreement.After signing of my agreement, the base price of the house went down from $279,000 to $264,000. I have a limited base price protection rider, but the builder is not reducing it taking one clause in the agreement. If I proceed legally, will I be able to get the base price matched?
Below are the details of the limitations for the base price matching and clause 1 is the one the builder is arguing on. Please note that the incentives for me didn't change after signing the agreement and the builder is not giving me a written agreement of the incentives that are provided to other now.
You acknowledge that we are not obligated to lower your base price or Total Purchase Price if:
1) We offer, increase or otherwise modify any incentives such as free or discounted options or upgrades, contributions to closing costs, special financing or other incentives.
2) We increase or decrease lot premiums.
3) You do not close on the purchase of the home on the settlement date.
4) We offer a lower base price or Total Purchase Price for a home which is a speculative home weather under construction or completed or a home which is being sold as a result of the cancellation of a prior purchaser's Agreement of Sale
5) You do not finance your home through Builders Mortgage company.
Below are the details of the limitations for the base price matching and clause 1 is the one the builder is arguing on. Please note that the incentives for me didn't change after signing the agreement and the builder is not giving me a written agreement of the incentives that are provided to other now.
You acknowledge that we are not obligated to lower your base price or Total Purchase Price if:
1) We offer, increase or otherwise modify any incentives such as free or discounted options or upgrades, contributions to closing costs, special financing or other incentives.
2) We increase or decrease lot premiums.
3) You do not close on the purchase of the home on the settlement date.
4) We offer a lower base price or Total Purchase Price for a home which is a speculative home weather under construction or completed or a home which is being sold as a result of the cancellation of a prior purchaser's Agreement of Sale
5) You do not finance your home through Builders Mortgage company.
