We planned to build a new home through a production builder. On 1/29, we signed a purchase agreement with a contingency based on regional placement in Indiana due to employment that I am taking (I should find out in May). The agreement lists that the "purchase contingent upon buyer being notified of" X, Y or Z "work placement" and "no other placement will allow purchase of this home." It is listed on separate sheet entitled "Stipulations" but there is no reference to the original contract, although our (mine and husband's) names are listed.
Nothing has been built as of yet, and after realizing how much they nickel-and-dime us for every little necessity, we are quickly finding that the house may be beyond our means. In addition, we have discovered new information (pending class-action lawsuits on separate issues brought by prior buyers, warranty issues, etc.) that is causing us to rethink getting involved with this company.
Our contract has a clause for "Default by Buyer" where it states that we would be responsible for paying $3,000 (up to the completion of the slab after which this fee is $5,000 and higher) should we fail to perform as required by the agreement.
My questions are:
Are there any buyer's remorse, cooling-off, or any similar laws that might let us out of this obligation without owing them the $3,000? I know we signed a contract, but this seems a bit excessive as nothing has been put into motion yet.
Does the stipulation sound as if it is binding? If stipulations are in place, and not fulfilled, is the buyer still responsible for the default fees?
I would appreciate any advice on the above matter.