Nick

There are at least two versions of the PSA, one with a specified date of rescission - Jan. 15th - and one without. Fortunately I purchased into Expo 62 early enough to have received the latter contract. BUT, I suspect that Intracorp may have blown this stipulated date as I know I received my rescission agreement on the 18th postmarked - and this is the critical date - the 16th.

Language in the contract stipulates that Intracorp must make a “good-faith” effort to complete the sale - clearly they did not.

The pricing for my unit was offered below market-value. As such, I feel that by failing to close this sale I am out an appreciable sum.

Further, I feel insulted and irritated by Intracorp’s miserly offer of compensation- 10K off my next Intracorp purchase - and the, to date, 4 phone calls asking my fiancée to send in the rescission agreement, the 3 latter calls made after she clearly stated we needed time to review the document.

As such I feel it is wholly appropriate to pursue legal remedy. The attorney I have spoken with is interested in possibly pursuing a class-action suit against Intracorp.

If you are interested in what legal standing your case may have please contact me via email: njcenac@gmail.com and I will pass your information along to my attorney.

In the interest of full disclosure, I happen to work at a condo law firm. This is the firm I’ve gone to for legal advice.

Be thankful they didn’t let you close, then sell off the extra units to an investor as apartments. Just one more of the joys of buying pre-sale condos.

Section 7b, near the end of page 4 of my PSA:

“Seller reserves the right to terminate this Agreement on or before January 15, 2008 by written notice to Buyer, and instructions to the Escrow Agent to return the earnest money to Buyer, with any interest that has accrued thereon.

Upon such termination and refund/payment being made to Buyer, neither the Seller nor the Seller’s agents shall be under any further or continuing obligation or liability for moving costs, housing costs, financing costs, loss of financing, increase in interest rate, lost profits, or special, indirect, incidental, consequential or punitive damages, and Buyer and Seller shall each be released from any and all claims by the the other of any kind of nature.”

My buyer’s agent did tell me that very early versions of the contract may not have had the January 15th provision.

This legalese seems to state that any financing costs (lock in rate payments) are not refundable. That said, everyone was pressuring you into locking in at the earliest opportunity - the site agent, the site lender, your lender, even your buyer’s agent. Luckily, I’m the analyzing type that reads all 15 pages of legalese and saw that I was basically bending myself over to do so before January 15th.

http://seattlecondosandlofts.com/2007/11/clise-parcel-sold