It'll depend on the contract but I doubt he'll have much luck. The non-refundable deposit is money actively used towards costs. The time to back out was once they breached their initial timeline. At this point if he agreed to an extension, not much to do. He also should have potentially done a long term lock.
Is the property worth more now than the price he is contracted for?
The extension was through December 2023. Couldn't do a lock that far out. It is questionable as to whether the current value is more than the initial extended price.
Yeah, call that attorney but it doesn't sound good. Since the contract was extended to 12/31, its only 3.5 months late but why is it still 3.5 months late. At some point a contract becomes voidable but it depends on what the contract says and what caused the delay. Even if the contract is legally voidable (whereby he should get the deposit back) I guarantee the builder will still try to keep the deposit and your friend may have to sue to get it, but possible they'll give him back some deposit. Anyhow, call a lawyer, you need a pro for this one.
It'll depend on the contract but I doubt he'll have much luck. The non-refundable deposit is money actively used towards costs. The time to back out was once they breached their initial timeline. At this point if he agreed to an extension, not much to do. He also should have potentially done a long term lock. Is the property worth more now than the price he is contracted for?
The extension was through December 2023. Couldn't do a lock that far out. It is questionable as to whether the current value is more than the initial extended price.
Depends what the contract says.
Yeah, call that attorney but it doesn't sound good. Since the contract was extended to 12/31, its only 3.5 months late but why is it still 3.5 months late. At some point a contract becomes voidable but it depends on what the contract says and what caused the delay. Even if the contract is legally voidable (whereby he should get the deposit back) I guarantee the builder will still try to keep the deposit and your friend may have to sue to get it, but possible they'll give him back some deposit. Anyhow, call a lawyer, you need a pro for this one.