In 2007 I had invested 25,000 into 1 unit of a real estate development project. The idea was to build luxury townhouses and then sell them individually. The investment units carry a 5% p.a. bond plus profit distribution after the sales.
The townhouses did get built and some of them started selling pretty good. After the financial crisis hit, however, the owner mentioned that many sales got canceled and he is still waiting for the rest of the houses to be sold. He does reply to the e-mails, however, does not want to provide any information about how many units are still remaining...
As I do not want to see the whole process go on indefinitely, I was wondering if it'd be possible to take a legal action, but not quite sure what form it should take...
Thank you so very much!
Family Law Attorney
You likely should promptly review the specific facts with your attorney. Your right to sue may have already expired as the statute of limitations in WA for an action based on a written agreement is 6 years.
You may still have the right to sue.
No one here can tell you without going through any agreement you may have with "the owner" and reviewing the specific facts with you.
Real Estate Attorney
I agree with the previous answer Take your documents and information to an attorney right away. The security of the investment will depend on the documents. If some units have sold and you have not passed the statute of limitation time of the essence. Your lawyer would sue for breach of contract and file a "Lis Pendens"on the real property to secure your rights.
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You have to be careful about letting the statute of limitations expire. I suggest you visit a qualified local attorney immediately so he/she can review all the necessary facts and help guide you to a solution. Good luck!
Securities / Investment Fraud Attorney
A securities attorney will have to look at the payment history on the investment units, their possible sales value, and all of your offering documents to render a reasonable opinion as to whether legal action is warranted or makes economic sense. You can likely serve demand on the company to inspect the books and the like, but I would not do so with the assistance of an attorney.
The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.