Condo Deposit Recovery

Ray Garcia

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Real Estate Attorney

Contributor Level 11

Posted about 2 years ago. 1 helpful vote

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There are various legal requirements that a Florida condo developer must comply with in order to offer for sale condo units and if your developer fails to carefully follow some of these legal requirements, you may be able to terminate your contract for purchase.

For example, under the Interstate Land Sales Full Disclosure Act (“ILSFDA") or Florida law, you may have the right to terminate the contract for your pre-construction condominium or home and receive all, or part of your deposit back. ILSFDA places certain requirements and responsibilities upon developers to make disclosures relating to the condition of real property. ILSFDA also contains anti-fraud provisions which impose civil liability to developers who make false or misleading promises. In the booming real estate market of the past decade, consumers paid large deposits for condo units only to experience delays of up to three (3) years between the signing of a contract and closing. Also many contracts for the pre-construction purchase of condo contain provisions that attempt to eliminate all your rights for the benefit of the developer, this may cause the contract to become voidable and allow you to receive your deposit back from the developer, contact us to review your pre-construction contract.

Additional Resources

www.raygarcialaw.com

http://raygarcialaw.com/blog/2009/01/condo-deposit-recovery/

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