Florida has some beautiful property along the ocean and many people are willing to pay large amounts of money to live on the beach. Therefore, there are many new condominium developments that are constructed offering oceanside luxury living. However, the developments need to be built first and the construction can take time, which is expected. Many times, these condos are sold before the construction is complete. Buyers will want to know when they will be able to move in, and will sign contracts based on those expectations even if construction is not complete.
Sometimes there are construction delays, and the project takes longer than expected. Some delays are reasonable, but the delays that are currently occurring at a new condo development in Florida are taking too long according to the buyers. Recently one couple filed a lawsuit for breach of contract due to the delays and are seeking their $2.6 million deposit back.
They are the fifth buyer to sue the development group. The buyers signed a purchase agreement in January 2016, and the contract stated that the construction would substantially be completed by June 2017, with closing being no later than June 30, 2018. However, at this time the construction is not complete and the buyers want their money back.
When people sign purchase agreements like this, they make plans based on the guarantees for completion and when there are delays it can cause significant issues. Therefore, these delays may constitute a breach of contract and the buyers may be able to get down payments back and out of the contract.
There are many real estate projects in Florida being completed all the time. These projects usually have buyers and tenants in place prior to completion. Therefore, the buyers need to have some guarantees about completion dates. Some delays in construction are reasonable, but some delays are not and may lead to construction disputes and breach of contract claims. These can be complicated matters, but with professional guidance those who want to file such lawsuits will be able to learn more about their options.