Condo Buyer, Want Out?

CONDOMINIUM BUYERS, if you entered into a Pre-Construction Purchase & Sale Agreement and answered YES to any of these questions, don’t let the seller lead you to believe that your hands are tied. You may be entitled to certain rights and remedies.

Developers and their attorneys often go to great lengths to craft the ‘perfect one-sided contract;’ yet, what developers don’t want you to know is that they are required to comply with certain federal, and in some instances, state laws meant to protect buyers from overreaching developers. A qualified lawyer with the proper training and experience can identify weaknesses in a Pre-Construction Purchase & Sale Agreement which may subject it to attack.

The causes of action most often utilized by Mr. Kalom are claims under the Interstate Land Sales Full Disclosure Act, 15 U.S.C. §§1701-1720, (A/K/A ILSFDA, The Act) the Securities Act of 1933, 1934, and claims for breach of contract. By way of example, given the complexities of ILSDA compliance, some developers provide an insufficient Property Report, or more commonly, claim one or more exemptions under The Act, yet fail to properly qualify for those exemptions. Where a developer fails to properly comply with The Act, buyers may be entitles to rescind and terminate the Pre-Construction Purchase & Sale Agreement, recover all deposits, or damages, and attorney fees and costs.

Thus, regardless of whether or not your sale has closed, if you entered into one or more Pre-Construction Purchase & Sale Agreements of a unit in a condominium development or home in a subdivision development in Mississippi, and want to explore your rights regarding the possible rescission of your contract, return of your earnest money or damages and attorney fees, then contact Mr. Kalom for a consultation. If some instances, he can represent buyers on a contingency basis, refer you to another law firm or associate with other counsel in pursing claims. REMEMBER, YOU MAY BE WAIVING YOUR RIGHTS IF YOU WAIT TOO LONG.

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