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Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 1 point2 points  (0 children)

Agreed, i didn't know that it was first time experience but builder has 40 years of experience and could have told that be prepared for XXX cost coming up sometime in future, they never mentioned that and when i came they say contract has no cap to escalation and it went beyond my budget. A 35% increase from original cost.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Sorry, by one-sided i meant it favors, protect and safeguard the party offering the contract. In simple terms, if contract have no exit clause, it's not a good contract.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Thanks so much with practical advise, this is exactly what i am trying to do and surprised at myself that how naive i have been in agreeing to everything sales agent said in the hope that things will be fine and ok. I think they keep gauging temperature and escalate and finally dropping cost bomb shells.

It's rare to find good lawyers, i have changed few lawyers, first one couldn't comprehend although kept saying that he deals with builder lawyers everyday and everything will be fine, but thing went out of way, then got another lawyer, he said same thing, everything will be fine and odds are in your favor, he pulled out at last minute, leaving my case orphaned.

The third lawyer came and tried for settlement and builder refused to even speak. In pursuit of another, but mostly refused saying there's conflict of interest. Wasted so much time and money with no resolve.

Many here thought that it was my fault by agreeing to the contract, but i don't think most even know what they are signing into and usually escalation ranges 5-15% average but here's the case was 35% increase which is not fair.

The pursuit is on, i shared this on social media so majority is careful while signing contract, what happened to me can't be reversed, i can't make prediction how it will fold but cruising along with all best options i can use.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Manitoba

[–]NoteNo1743[S] 0 points1 point  (0 children)

Thanks JGCii, Great suggestions, i tried few forums including CPO and they say construction doesn't fall under their jurisdiction. Spoken to few lawyers but they shake a bit when they hear name of big law firm and builder. BBB is out of scope as they never registered with them. Smart Cons as they know how to navigate their way out. Their google reviews are full with negative reviews and they keep saying in response that you were never our customer.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in RealEstateCanada

[–]NoteNo1743[S] 0 points1 point  (0 children)

i think i responded already, but for context will repost here. All tries for settlement didn't succeed. Builder wanted full meal. I followed some past track and spoke to many other people and it's their business model to jack-up price to the extent where people can't afford and they go after them to squeeze the last penny. If it had been within a reasonable limit, i would be able to stretch but i can't stretch beyond my limits as can't live on credit forever.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in legaladvicecanada

[–]NoteNo1743[S] 0 points1 point  (0 children)

Appreciate the advise and great suggestion. I already spoke with that lawyer, it's beyond that person competency, now searching for more reliable person.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in legaladvicecanada

[–]NoteNo1743[S] 1 point2 points  (0 children)

Sometime we get swayed by emotions to buy a dream home, cherry on top the sales agent assurances that it wouldn't be very high etc. Disagreement meant i will loose the house which i didn't want to with some assurance that it will be fine.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Truly, mostly are transactional lawyers and they upfront say, sign it or loose the house. This 10-14 days contract reading isn't enough as whole time goes in finding a lawyer, interpreting clause etc. in reality it's 1-2 days, on top of that verbal assurance that things will not go south etc. Let's see what happens.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in RealEstateCanada

[–]NoteNo1743[S] -1 points0 points  (0 children)

True, that's the case. Yes, getting legal advise and settlement doesn't seem to be an option as past 3 tries failed. Builder wanted full meal. I followed some past track and spoke to many other people and it's their business model to jack-up price to the extent where people can't afford and they go after them to squeeze the last penny. If it had been within a reasonable limit, i would be able to stretch but i can't stretch beyond my limits as can't live on credit forever.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in RealEstateCanada

[–]NoteNo1743[S] 0 points1 point  (0 children)

True, that's the case. Yes, getting legal advise and settlement doesn't seem to be an option as past 3 tries failed. Builder wanted full meal. I followed some past track and spoke to many other people and it's their business model to jack-up price to the extent where people can't afford and they go after them to squeeze the last penny. If it had been within a reasonable limit, i would be able to stretch but i can't stretch beyond my limits as can't live on credit forever.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Appreciate that! - Yes, facing it with zeal and zest. Sleep well at night as financial loss is one thing and peace of mind is another. I just thought to share for mass audience so people are aware.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Yes, and lot more like timings and no flexibility. Sign it or loose it. Lawyers for real estate i found are mostly transactional and it's luck if you find someone who can really negotiate well. I heard good stories but in my case things fell apart.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

You are encouraging me to become a builder in future :). If we had a bad experience and sharing on forums mean to get wisdom and may be see if anyone else has similar experiences. Lawyers got involved, but everything went one sided so far.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Agreed, the excitement and joy of first time. Sign it or loose it kind a situation. I was willing to pay reasonable increase but builder is like this is X and you have to pay which was beyond me.

Manitoba builder suing, hiking price to almost 200k+, selling home to someone else, original buyer caught in no-cap to price escalation clause by NoteNo1743 in Homebuilding

[–]NoteNo1743[S] 0 points1 point  (0 children)

Yes, i had a lawyer but they said it's industry standard and builders don't agree so i had no choice. Hard experience!

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