The recent decline in the South Florida real estate market has caused many preconstruction condominium purchases to appraise for significantly less (as much as 40% less) than the unit’s preconstruction purchase price. If you are being called to close on your pre-construction contract and are uncertain as to whether to let go of a substantial deposit or proceed with a bad investment, we may be able to help. Both Florida and federal law requires developers to file certain property documents before construction, meet certain deadlines and give certain notices and disclosures - limiting some developer claims for damages. It is possible to cancel contracts when “material and adverse changes” were made to the project, or where condominium documents were not properly filed or sent to you for review.
At Reiner & Reiner, we have investigated dozens of projects all over South Florida and are intimately familiar with the laws governing pre-construction property offerings, large development construction and specific issues concerning condominium development. It is likely we have already reviewed the development you have invested in and may already have clients in those developments seeking the return of deposits. We will review your purchase contract, follow-up letters, amendments, and notices, any of which may indicate changes were made to the terms of your purchase such that some or all of your deposit may be recoverable. We will also look for any actionable misleading information in the prospectus and marketing materials. Armed with the results of this review, we will work to help you recover some or all of your condominium deposit. We offer our services under a normal hourly retainer or contingency retainer or, in some instances, a combination of both.
Please contact us to discuss.
Telephone (305) 670-8282; Fax: (305) 670-8989