Home Selling in 33137>Question Details

Mary Spencer, Home Seller in Miami, FL

what's hapening with Miami midtown project?

Asked by Mary Spencer, Miami, FL Thu Jan 10, 2008

I have invested in Miami Midtown Project and not ready to for closing, what is the worse that can happend if I fail to close, on the date they have scheduled me for?

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3
Hello Mary,

Hire an attorney, but not just any attorney - the one that has gone to court to fight the developers and won...

Why? - Because the situation has drastically changed from 2009-2010, and courts treat things differently, based on previous cases - and some were not in favor of the buyers.

There are still steps you can take to prevent major problems.

Best of luck,

Hope this helps,

Irina Karan
305-904-2355
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Fri Jan 4, 2013
Mary,

Had you entered into a regular (FAR-9) Purchase Contract, which are all standard, I could inform you of your options. However, you have entered into a Builders Contract and each builder has their own rules and regulations. I could say you might lose deposit or that you could extend closing date, but that would be speculation on my part. I highly suggest you have an attorney read through to see what options you have.

Good luck!
0 votes Thank Flag Link Thu Jan 10, 2008
Mary - you describe many's situation that purchase pre-construction in Miami. Take a look at the purchase contract carefully and my best advice is to hire an attorney. Many buyers have been able to get out of purchase contracts without loosing their deposit because of glitches in the contract.

The second stage of development for Midtown has been cancelled as I understand. Here's an article with photos about Midtown Shops.
0 votes Thank Flag Link Thu Jan 10, 2008
THE MIDTOWN CONDOS ARE VERY HOT RIGHT NOW!
IT TURNED OUT TO BE A GREAT DEVELOPMENT- BOUNCING BCK FOR THE RECESSION BEAUTIFULLY THANK GOODNESS (IM AN OWNER- SO ITS GOING WELL NOW)
Flag Sat Sep 28, 2013
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