The Vue Charlotte Notice of Default Letter

Many have been wondering what happens next if for whatever reason you do not close on your unit. I have now a copy of the default letter that is sent certified mail, and have included the text below.  A couple of things are worth mentioning and repeating. First, from all the mail I have received and gathering feedback from multiple readers who have had lawyers review their contracts, the Vue Charlotte has the legal means to recover damages above and beyond your deposit. This is not to say that they will. And of course everyone’s hope is that they won’t, but legally they can. I have not heard from a single lawyer yet that says this is not the case.

It is again worth repeating that some buyers have been told by the sales team that they won’t be at risk of losing any more than their deposit, but the Vue has not said that publicly and it is not what the contract says.  My personal feeling is that if I don’t close on my contract, MCL has the right to sue for damages as per the contract terms. Their blog contribution of the recent Charlotte court order is what I would use to support the argument that they will pursue readers that don’t close. This is unfortunate but until I hear something different I will assume this is what they will do.

One other item worth mentioning is that if you delay closing there are terms in the contract that allow MCL to charge interest. That too is mentioned in the letter below.

Here is the text of the NOTICE OF DEFAULT letter if you do not close:

RE:  The VUE Charlotte, A Condominium Purchase Agreement (XXXX)(the “Agreement”)
 
As Seller under the above Agreement, we are writing to notify you that you are in Default under said Agreement by reason of your failure to appear at the offices of Foodman, Hunter and Karres, PLLC to close on the purchase of Unit XXXX in The VUE Charlotte, a Condominium on XXXXX, 2010.   Please note the 20-day cure provision in section 13 of the Agreement, and please contact me directly at xxx-xxx-xxxx, or at xxxxx@mclcompanies.com to reschedule your closing.
 
Seller reserves all rights and remedies under the Agreement, at law or in equity, and does not by this correspondence waive any of the same.   Furthermore we remind you that a late funding charge may apply per the terms of the Agreement.
Very Truly Yours,
THE VUE NORTH CAROLINA, LLC
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One Response to The Vue Charlotte Notice of Default Letter

  1. SK says:

    I have been contracted with the view for many years now.
    The Recent threats have lead me to believe if all investers in this project would like to recieve some return, MCL must closes apts for appraised value, Vue will sell out in less then a years time.
    The method that is being used will cause project to go bankrupt.
    How about this i make a 1000 copys of MCL comments and stand in front of MCLS others project handing out them like flyers

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