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Help required in Florida

Discussion in 'North America Real Estate' started by cheops55, Apr 9, 2009.

  1. cheops55

    cheops55 New Member

    Hi

    I agreed to purchase a 3 bed town house in the Disneyworld Westgate development in 2007, and paid roughly $100K in deposit for a completion in Q4 2009. The agreement was through IAP in UK, who many will know went pear shaped last year, but have since restarted as IAP Global. They were listed as sole agents for sales, although the deposit was paid direct to the developer (who never even mentioned the development on their web site).

    Around September last year updates became sporadic, and now I cannot get any sort of answer from the developer, or IAP Global, on when (or if) the development will even commence (so far I believe they have built some infrastructure but have not started vertical construction). Laughably IAP Globak (pretty much the same organisation who trousered £2500 introduction fee on the deal) want me to take out a £2000 sales completion contract before they'll even talk to me about this.

    All references to the development on internet have disappeared and I am seriously worried that I may have lost this deposit, and in any case mightily pissed at not being kept updated on what is happening.

    I understand the deposit money is held in escrow (even though I was told that infrastructure money could be deducted from this) but now feel I need to get some legal advice to see where I stand, or if this sort of behavior from developer consitutes any breach of contract and grounds for return of deposit.

    Can someone advise a good local lawyer, or agent, in Florida who could help me try and find out exactly what is happening here. And other helpful advice would be received gratefully.

    thanks
     
  2. samirazar

    samirazar New Member

    Yes, the deposit should be held in escrow and the developer can use half of the deposit for construction cost and or any other cost they see fit. You can get out of the deal by accepting 25% of your deposit back, or you can find a contractual issue and receive all of your money back. You would have to find an attorney specifically in the county that your development is in.

    If you have any questions contact me I do have some legal sources in the Orlando area.
     
  3. Kevin Burke

    Kevin Burke New Member

    Types of Claims

    With regard to claims against any developer, I have broadly set out some issues below:

    Buyers from Florida developers may have claims under the Interstate Land Sales Full Disclosure Act to the extent the development is not exempt and the developer or agent did not provide the required property report to you before you signed the contract and comply with other specified requirements. There is a three year limitation period under this type of claim.

    Buyers from Florida developers may have claims under the Florida securities investor protection statutes to the extent the property was marketed to you by the developer or agents as an investment and not simply as land. There is a four year limitation period under this type of claim. There is a federal version for which there is only a one year limitations period for standard claims.

    You may have a breach of contract action to the extent that the developer has not timely completed construction further to any promise to construct within two years, etc. There is a five year limitation period for any breach of contract claims brought in Florida.

    Kevin Burke
     
  4. zazuip

    zazuip New Member

    I too am concerned about my deposit.
    Do any of you know if Global Property Resolutions (oddly based in Kingston upon Thames as were IAP) are yet another IAP reincarnation please?
    Global Property Resolutions have offered to sell me an alternative property which is nearly completed with my deposit transferred for an administration fee of £3000.
     
  5. Nick Brian

    Nick Brian Guest

    Hi is it a good time to invest in Florida. Planning for a long time but still stuck in the Santa Cruz California. Hope my question will be answered shortly.
     
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