It’s Not Too Late to Recover Your Condominium Deposit

Look, we fully understand why the current Florida real estate market is forcing many buyers into bad situations. We all need a place to live, but it can be hard to navigate a market where sellers are jacking up prices and new developments are nearly impossible to get into.

We frequently hear from clients who signed pre-construction contracts on condominiums and put down large deposits to land a home. This is a common and logical step to secure property in a challenging market, but these choices aren’t without risk. So much can go wrong – from a developer backing out, to contractors failing to fulfill construction timelines and contracts, to the most unpredictable events like weather and major life changes.

Florida laws provide strict rules condo developers must follow in order to receive payments and issue contracts to potential buyers. If these rules aren’t followed to the fullest, you’ll likely have a window to get out of your contract.

The Interstate Land Sales Full Disclosure Act (ILSFDA) places several requirements on developers. For instance, when you’ve signed a contract with a developer they are now required by law to disclose the condition of your property at all times. If the construction project goes awry and timelines or work is significantly impacted, you must be informed. The failure to keep you informed on the progress of your condo could result in a full or partial refund of your deposit.

The same applies if a developer flat-out lies to you. There is no wiggle room to “over promise, under deliver.” If a developer assures you of a certain timeline or a certain quality and either of those conditions isn’t met at the level expectation set, you may have legal recourse to get your deposit back. This is important as families often have to make plans for their current home and need to meet expectations on their end, as well. For example, if you agree to purchase a condo with the expectation that you’re able to move your family in by the end of September it makes sense to use this timeline in selling your own home. If you later find out the project won’t be done until well into the next year and you’ve already sold your home, you’re left without the deposit you paid and a place to live.

It’s important to review the full details of your contract and keep track of any promises or updates provided to you by the developer. At each step in the process, verify that timelines and promises are lining up. If you notice things are off or notice your contract attempts to strip you of your rights under Florida law, call the Law Offices of Ray Garcia. Our team has experience getting clients their money back when predatory developers fail to deliver on promises made. We can review your contract and make sure you’re not losing out on your hard-earned money.