Michael1133
New Member
- Jurisdiction
- California
We are looking at homes in two new subdivisions. Both builders require a $5,000 deposit to purchase a home. We have our present home for sale. We have a concern that if our house does not sell before the new home is completed, we would end up with two homes. This is something we do not want or can afford.
I have asked both builders what their refund policy is if cancel. One said that in California the maximum they can hold is 3%. With this builder it would be $150 (which is fine). The other builder said we would lose the entire $5,000.
I am trying to determine in California what the law states. Any assistance would be appreciated.
I have asked both builders what their refund policy is if cancel. One said that in California the maximum they can hold is 3%. With this builder it would be $150 (which is fine). The other builder said we would lose the entire $5,000.
I am trying to determine in California what the law states. Any assistance would be appreciated.