Condo Smarts April 11, 2018 Pre-sales AgreementsPre-Sales Agreement • April 11th, 2018
Dear Tony: I purchased a condo 2 years ago before it was constructed. At the time the price was negotiated at $595,000 and we paid 10% down as a deposit. The property is now coming available for us to move in, but we have received a notice from the developer that there have been additional costs of construction and development and they are increasing the price by 20% so we will have to pay an additional $120,000 if we want to purchase the unit. If we don’t they have offered to refund our deposit including the interest earned for the two years. We were told by the developer this was in our contract, but is this legal? Jenny C.
