About 11 months ago, I signed a contract to have a house built by a contractor. In the contract, they said that it would be completed within 180 days of the signing of the contract. Now, 11 months later, the house is done. I have not closed on it yet and am waiting on my bank to set a closing date. In the mean time, I have been renting a house until mine was completed. My lease ran out and I had to move. I moved my stuff into the new house and now the builder is threatning to charge 18% daily interest on the final draw because I took possession of the house before it was closed on.
My question is: Do they have grounds for this even though they are 5 months late on the contract?
My question is: Do they have grounds for this even though they are 5 months late on the contract?
