Advice - Posted by JB

Posted by JB on April 07, 2006 at 18:37:57:

I am being relocated, because of work, is there anything that I can do??

Advice - Posted by JB

Posted by JB on April 07, 2006 at 18:18:44:

I bought a condo in pre construction in Virginia almost two years ago. I went recently to closing and they ask me to sign a document that doesn?t aloud me to sell or rent within the next 12 months of the closing day, or I have to sell it back to de builder/developer for the same purchase price. Of course the market price now is considerably higher than when I bought it. Is this legal?? Can the developer enforce such a rule??

Thanks you for any thoughts or advice

Re: Advice - Posted by Luke Hoppel

Posted by Luke Hoppel on April 08, 2006 at 19:34:06:

You signed a purhcase agreement when you put the deposit down. If the builder signed that as well, that is the contract regulating the purchase. If you both agree, addendums can be added but they shouldn’t be able to force you to sign.
I would refuse to sign and tell them you signed a purchase agreement and they are obligated to sell and if they don’t you will sue. Gage their reaction and if they fold then you are all set, if not contact an attorney to get more info.
Good Luck,
Keep me posted on this. I just went through a similiar situation.

Re: Advice - Posted by steve

Posted by steve on April 07, 2006 at 18:28:10:

yes they can, it should have been somewhere in the documents you signed when you bought it pre construction.