Do you need a Florida Real Estate Attorney focused on Preconstruction Condo law?

Are you involved in a Condominium or Pre Construction contract and do not want to go to closing? There are many situations where Florida, New York, and Federal law protect the rights of the individual investors, often giving you the opportunity to have your contract rescinded and in many cases getting back all or some of your deposit.
We recommend contacting a Real Estate Lawyer specializing in Pre-Construction Condominium Contract Law and Deposit Recovery.
Did the Real Estate Developer tell you "You'll never have to close, just flip the unit" or perhaps your Realtor told you that he or she would work with you to flip the condo or preconstruction unit prior to closing. This was a very common occurrence during the Real Estate boom from 2001 - 2005, this was most prevalent in Miami-Dade, Broward, and Palm Beach, Florida. These are just a few examples where you may have recourse and should contact a Florida Real Estate attorney as soon as possible. Land Developers are currently working with lobbyists in Tallahassee to change the laws to better favor developers over individuals in Real Estate contract disputes.
We have attorneys in both Florida and New York who will be happy to offer you a free consultation and often work on a contingency basis to help you recover some or all of your condominium deposit and have your contract rescinded prior to closing.
Do I have to close on my condo? Can I be forced to close? What rights and protections do I have under Florida law to cancel my real estate contract prior to my closing date? My pre-construction is behind schedule, its' been over two years since I signed my contract, do I still have to go to closing?

The Article below is reprinted from the Tampa Bay Business Journal.
Condominium buyers who jumped on board a hot market are now looking for ways to walk away with refunded deposits.

Increasingly, they're pointing to perceived violations of the Interstate Land Sales Full Disclosure Act and resulting property reports. Among the disclosures made through ILSA are guarantees that, barring a natural disaster or eminent domain proceedings, condo communities will be completed within two years of the purchase date.

"Before 2005, no developer really worried about it," said Hank Sorensen, a Port Richey-based real estate attorney with Henry T. Sorensen II PA who is representing a number of buyers trying to leave sales contracts with downtown Tampa condo developers. "Everybody had drafted these contracts before, and no one thought that it would take more than two years to build a condo and have it occupied."

But a "perfect storm" of problems hit condominiums in Florida in 2006 from higher interest rates and the ensuing sudden drop of the real estate market to labor and material shortages following the hurricanes of 2004-05 along with increased concrete exports to China in preparation of the 2008 Olympics.

Please contact Deposit Recovery Services for a free consultation with a Florida Real Estate Attorney specializing in Pre Construction Condominium Law. We have worked with many Real Estate Developers to help our clients recover their deposits left on Florida and New York Condo deals.

Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

DISCLAIMER: The Law Offices of Eric L. Bronfeld, P.A. have NOT prepared or reviewed these materials. This blog is for informational purposes only.
They are not legal advice and have not been written by a Florida or New York Real Estate Attorney.
This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Online readers should not act upon this information without seeking professional counsel.
Do not send us confidential information until you speak with one of our attorneys and get authorization to send that information to us.

Florida Real Estate Developers are fighting back against condo contract rescissions.

Are you currently in a Real Estate contract dispute with a Florida or New York Developer?
Did you know that in many cases your Condominium or Pre Construction Real Estate contract may be rescinded?
Many home buyers and investors are not aware of the legal protections which Florida and Federal Law provide. Please contact a Florida Real Estate Lawyer experienced in condo contract rescissions. Call or e-mail for a free consultation, very often you can not be forced to close on your preconstruction condo contract. We also work with developers to Recover Deposits left on properties.


Reprinted from the South Florida Business Journal
Condominium buyers who jumped on board a hot market are now looking for ways to walk away with refunded deposits.

Increasingly, they're pointing to perceived violations of the Interstate Land Sales Full Disclosure Act and resulting property reports. We have also seen many cases of Real Estate fraud. Fraud and deception amongst developers and Real Estate brokers are being found more and more often, as we entered the late stages of the South Florida Real Estate boom in the Condo and pre-construction markets. Among the disclosures made through ILSA are guarantees that, barring a natural disaster or eminent domain proceedings, condo communities will be completed within two years of the purchase date.

Contact a Florida Real Estate Attorney with experience in real estate contract rescission law.

"Before 2005, no developer really worried about it," said Hank Sorensen, a Port Richey-based real estate attorney with Henry T. Sorensen II PA who is representing a number of buyers trying to leave sales contracts with downtown Tampa condo developers. "Everybody had drafted these contracts before, and no one thought that it would take more than two years to build a condo and have it occupied."

But a "perfect storm" of problems hit condominiums in Florida in 2006 from higher interest rates and the ensuing sudden drop of the real estate market to labor and material shortages following the hurricanes of 2004-05 along with increased concrete exports to China in preparation of the 2008 Olympics.

Hitting back

Tampa's Channelside District seems to be taking a brunt of the condo buyer exodus.

Changing Channelside from a decades-old industrial seaport to a potential home for some 3,000 families had been heralded by city leaders as a way to transform a downtown core that virtually dies when the work day ends. But move-ins have been far more sporadic than anticipated.

Instead of sitting on pre-sales, investors are trying to recover money with claims of material and adverse changes to purchased units from ceiling finishes to square footage anomalies. Some buyers say they have lost as much as 10-by-10-foot rooms from original planning to the final walk-through.

"There is a general attitude that these are just a bunch of investors trying to get out of properties, but I wouldn't be taking these cases if they didn't have legitimate claims," Sorensen said.

Key Developers Group in Tampa has been hard hit with lawsuits so far, according to Hillsborough County court records. The company has been sued nearly 100 times since the beginning of the year for a range of actions including rescission demands and breach of contract for The Place at Channelside, 440 units ranging from 600 to 3,700 square feet according to listings. Fida Sirdar, president of Key Developers, didn't return calls seeking comment.

Condo developers are striking back.

Act now, before changes to state and federal law greatly deminish the chances of rescinding your condominium or pre-construction contract. We can work with you to attempt to recover some or all of your deposit.

Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

DISCLAIMER: The Law Offices of Eric L. Bronfeld, P.A. have NOT prepared or reviewed these materials. This blog is for informational purposes only.
They are not legal advice and have not been written by a Florida or New York Real Estate Attorney.
This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Online readers should not act upon this information without seeking professional counsel.
Do not send us confidential information until you speak with one of our attorneys and get authorization to send that information to us.

Condominium and Pre Construction Deposit Recovery Services

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Before closing on your Condo, or visiting the pawn shop, please contact a Florida Real Estate Attorney

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In the article below Mr. Tomlinson makes some excellent points. We felt it worth reprinting, this is for informational purposes only and has not been written or reviewed by a Florida or New York Real Estate Lawyer. Please contact our offices for a free consultation regarding your pre-closing real estate contract.

Reprinted from Kevin Tomlinsons blog on The Miami Condominium market.

South Florida developers are increasingly worried that buyers may be trying to cancel their contracts for either legitimate or frivolous reasons. Over the last four years or so, the Miami area has enjoyed a renaissance and real estate boom. During that time, reports claimed that 60,000 to 70,000 condos were planned or under construction. In spite of the recent “bust,” the reality today is that most of these projects have survived and will be delivered in the next 18 months. Many people are realizing, to their horror, that they can’t afford to close or don’t want to.

Under state law, a buyer can cancel a contract if a “material” amendment is made to the condominium documents that “adversely” affects the buyer.

The two most important words in the above sentence are, you guessed it, “material” and “adversely.” What may be “material” or “adverse” to you may not be so to a judge or jury.

The reason why this is Miami’s touchiest subject right now is because developers are concerned that buyers in general don’t want to close (if you are in this position, please contact a Florida / New York Real Estate attorney with experience in Deposit Recovery or real estate contract rescissions)because of the South Florida housing downturn. Since real estate is governed by the law of supply and demand, one can just look up at the Miami skyline and deduce that supply totally exceeds demand and that the majority of the buyers in these towers are speculators. “Oversupply” and the “new South Florida condo market” are the flies in the ointment here that no one counted on changing, and changing so rapidly.

I find that this is really about the speculators who don’t want to keep their units. When these buyers made their initial purchases, they were likely sold a pretty picture on how they wouldn’t have to close, and that the project was going to start a “re-sale” office to help speculators off-load their condos. The developer’s reps projected a enormous gains;basically, a scenario of all of the benefits with none of the risks!

I know a project that had material changes to their docs, which automatically gave buyers the chance to get their money back and rescind the contract. This development basically lost all of its buyers, and now the developer is looking at changing uses to either a rental tower or a hotel.

What should you do if you can’t or don’t want to close on your Miami pre-construction condominium? Here is some advice:

1. Check the last date signed on your contract with the developer. When did it become an executed agreement by all parties? By state law, the developer has to deliver the unit within a specified time from the date you signed the contract. If the developer doesn’t finish the project within the time allowed, and you haven’t signed any extensions or new contracts that “re-up,” (make it a new contract with a new date), you may be able to rescind on that fact alone.

2. Call the developer. Tell him that you can’t possibly close on the unit and ask to be released from the agreement. I did this with one of my clients and since he bought a very desirable unit very early in the game, the developer was more than happy to take the condo back because he could make a few hundred thousand more dollars on it. This is a long shot, but worth a try. This developer was very well funded, met his pre-sale requirements, and the project was a huge success. If you feel that your project hasn’t been that successful, this approach is worth a try.

3. Check for any last minute changes to the condo docs and/or operating budget. Right before closings begin, developers will file any last minute changes to the condo docs. There might be “material” change that is “adverse” to the buyer.
   

Hire a good real estate lawyer. I am shocked beyond belief by how many people purchase these sometimes multi-million-dollar condos and never run the deal by their attorney. I make sure my clients read their contract with the developer and have their lawyer review it before they sign it.
South Beach, Miami, Broward, West Palm Beach , New York Real Estate Contract rescission and Deposit Recovery


Law Offices of Eric L. Bronfeld, P.A.
PO Box 22506
Fort Lauderdale, Florida 33335
954-527-1512(South Florida Area)
1-877-527-1512 (Toll Free outside South Florida)
info@depositrecoveryservices.com
http://www.depositrecoveryservices

DISCLAIMER: The Law Offices of Eric L. Bronfeld, P.A. have NOT prepared or reviewed these materials. This blog is for informational purposes only.
They are not legal advice and have not been written by a Florida or New York Real Estate Attorney.
This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Online readers should not act upon this information without seeking professional counsel.
Do not send us confidential information until you speak with one of our attorneys and get authorization to send that information to us.