Consumer Law, Warranties builder wants more money

[myork1958]

I paid my builder almost all of the fee to do the outside of the house and I'll do the inside. Due to unforeseen circumstances he ran out of money and can't finish the work. He is also going to build me a garage for 8 thousand. He says if I pay him the 8thiusand now he can finish the house and then do the garage within a year. He wants me to accept a contract with those specifications and date. I need to know if that contract will be legally binding in court if he doesn't do all of the work to my satisfaction?

 

[dee_dub]

Yes, it will be legally binding. But do you really think it will be any good to you? In a year, he'll have defaulted on building both your house and your garage, and you'll be out another 8 grand, and he won't have anything worth suing for.

 

[myork1958]

I talked to him yesterday and he's willing to put up a piece of equipment (excavator, bulldozer) or attach one of his pieces of property as collateral.

 

[dee_dub]

Well, if you're satisfied with the contract, and you're satisfied with the security (and make sure it's not got any prior encumbrances - e.g. it's owned outright and not financed) then go for it. Personally, I would be very reluctant.