The stage: one million U.S. dollars in a condominium development before construction starts, the best in South Florida, a luxury high-rise seafront location in a privileged beach.
The complaint: buyer signed a contract and paid the deposit. A few months later and well before the deadline, will be notified of changes to the building. The main stakeholders of the private elevator to your unit. The developer has now announced that the private elevator to be releasedbetween the two apartments.
Other changes are a reduction in some service areas.
The buyer wants to terminate the contract and receive back his deposit argue that the changes significantly reduce the value of his condominium unit in this ultra-luxurious building.
The developer disagrees, stating that the proposed changes are significant or not significant and would be allowed by the contract. It's great to refunding the buyer.
Two years ago,It would not be a problem. The buyer would be reluctant to accept the changes, as his contract would be a few hundred thousand dollars in profits by just "throwing" one of the dozens of eager investors waiting list would mean.
But this is 2006 and things have changed a lot. Developers can not find that the waiting list
more investors are skeptical about the future market.
The case is in its initial phase.
It is a very unusual situation and I would nothave pointed out, but because it illustrates quite how the market has changed.
What is your opinion and what is your prediction of the result? I would appreciate your contributions ?
Source: http://legal-real-estate-law.chailit.com/real-estate-action-an-interesting-case.html
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