Quote:
Originally Posted by red_179
Unfortunately, a purchaser probably doesn't have much recourse but to wait it out. I don't think I've ever seen a pre-build contract that didn't state that the completion date could be delayed and that the builder is not making any guarantee as to the date of possession. Also, often these contracts contain conditions precedent in favour of the builder with respect to pre-sales and financing. It really depends on the wording of the contract (which I have not seen), but in my experience typically the builders' protect themselves well in the standard form contracts they have drafted, to limit the recourse of the purchasers.
Ultimately, a purchaser could try and take the builder to court on the basis that the delay in construction is of such a degree that the builder has fundamentally breached the contract and therefore the deposit is refundable and the contract is rescinded, however I highly doubt the delay on this project would meet that criteria.
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Does anyone know how long of such delay would meet that criteria?
So, this was the reason for the date amendment.
Does anyone know what is "Early Possession Date"?