So your condo’s not ready and final closing is coming up. Now what?
If the builder tells you final closing is coming up, what do you do if your condo isn't finished yet?
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Q: I recently purchased a condo and went in for interim possession a couple of month back. When I inspected the property there were a lot of problems with basic things like an entire window that had a board over it, huge scrapes on floors, warped floor boards from the leaking window (with the board over it), and big patches to the walls.
In consultation with my lawyer we decided we were not going to start paying them $1,700 dollars a month for a downtown condo that was not livable. Enough said.
Yesterday, the builder’s lawyer came back to us and said that the final closing was coming up and we had to “pony” up the full price and finally buy the property and that everything had been fixed. We went to the property and not only had they not fixed any of the problems, there were more: most notably the air conditioning wasn’t working. We refused to close.
What’s your advice?
A: The basic standard to allow purchasers to move into a property is that it has to be secure, properly supplied with utilities and plumbing. The rest of the problems are supposed to be rectified with your warranty program.
The problem here seems to be that your problems are grey, in nature. A board on a window doesn’t mean your condo isn’t secure, but surely the builder should know that water leaking through the window when we have a summer downpour is going to ruin the flooring again …
Your lawyer is right. Don’t send them another penny.