Contingency Clause - No Longer Only Way Out

According to the following excerpt from the web site of a regional law firm, buyers are being offered many possibilities to rescind their contracts and salvage their deposits. It seems that a new cottage industry is about to be born surrounding the opportunistic timing of developers' management of project completion.

While this has been a topic of much pain for locked-in buyers to close, a number of loopholes have been found to fight back - even long after the closing!

"Purchaser Rights

Your deposit may be refundable or your transaction may be rescindable.

You might be asking yourself: How exactly can No-Condo.com attorneys get me out of my condominium purchase?

If you have not yet closed on your purchase, your deposit may be refundable. Additionally, if you have already closed on your purchase, your transaction may be rescindable.

The short answer is that there are many federal and state consumer protection laws which entitle real estate purchasers to particular disclosure rights from developers. If developers fail to provide purchasers with particular disclosure documents or information, a purchaser may be able to get out of their purchase agreement. These laws apply to new construction condominium and other real estate purchases with condominiums being the easiest to evaluate.

The long answer is that the Interstate Land Sales Full Disclosure Act (sometimes to referred to as ILSA or the Interstate Land Sales Act) affords purchasers many disclosure rights and/or completion date rights, which if not granted to purchasers have been interpreted favorably by court decisions to afford purchasers the ability to get out of their purchase agreements. These rights apply to deposit refunds before closing and the right to rescind the purchase and get your money back after closing.

For example, if a condominium includes more than 99 residential units and the developer has not registered with HUD or has not obligated itself to complete your unit within two years from the date you signed a contract, you can cancel the contract and get a refund of your deposit. These rights extend to up to three years after purchase. Even if the developer has attempted to comply, the exacting requirements are often misapplied allowing for you to cancel your purchase or for post-closing rescission rights. Additionally, depending on your location, there are numerous state laws which must be complied with, that can also enable a purchaser to get their deposit back.

Contact No-Condo.com to find out if you have a case."

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