Seesus
Active Member
Just wanted to run this by all the gurus here at UT to see if am righteous in being a little worried about this. I have bought a pre-con condo from Monarch builder which is due for occupancy in around 2012. One thing that now i am realizing is that my lawyer did not advise me to cap the closing costs. Thanks to UT as by reading the posts i now figured that a cap on this cost can be a very important amendment.
At any rate, I am a first time home buyer and at the moment have a agreement of sale with no cap on the closing costs. I am reading the closing cost can be upward of $10k in some cases where there are no caps and am worried if i have exposed myself to a potential disaster by not having it capped. What should i do besides just getting worried. Is it a possibility that Monarch can actually put my closing cost to a horribly higher value compared to the ones who are capped. Am i totally screwed because of this stupid mistake that my lawyer has made ?
Any one here has any experience of situations like this with any builders, if not with Monarch, I would really appreciate all the guidance i can receive.
Thank You
At any rate, I am a first time home buyer and at the moment have a agreement of sale with no cap on the closing costs. I am reading the closing cost can be upward of $10k in some cases where there are no caps and am worried if i have exposed myself to a potential disaster by not having it capped. What should i do besides just getting worried. Is it a possibility that Monarch can actually put my closing cost to a horribly higher value compared to the ones who are capped. Am i totally screwed because of this stupid mistake that my lawyer has made ?
Any one here has any experience of situations like this with any builders, if not with Monarch, I would really appreciate all the guidance i can receive.
Thank You