Preconstruction purchase Release Settlement Agreement

In 2006, I contracted on a preconstruction condo. Since that time, the developer ran into major delays, and there has been no construction progress since Jan 08.Yesterday, out of the blue, I received a Release Settlement document from the developers attorney. It states I will receive all of my down payment if I sign it. It also states the developer gets to keep the interest paid on my down payment. The original sales contract states that I get paid interest on my down payment. applied to my purchase at closing. Should I fight for my interest? It is significant to me.

Asked on June 5, 2009 under Real Estate Law, Florida

Answers:

J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

The first thing I would suggest you doing is contact a local attorney. Explain to them all the details and show them the original signed agreement. At that point the attorney can compare the original agreement to me most recent proposed agreement

If the interest is significant to you than of course pursue the matter. You may even want to call the attorney to inquire about this and express your intent to pursue the matter. maybe you can agree to split the difference.


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