Did you give your developer a large purchase deposit for a single-family residence in Brevard, Marion or Ocklawaha County a few years ago and you still haven’t received title to your home or a refund?
Has your developer made numerous promises to complete your home or return your purchase deposit by certain deadlines which have already passed?
You are not alone. Unfortunately, this is a common occurrence with some developers that have mismanaged your project or possibly even worse, committed fraud and have stolen your purchase deposit.
Has your developer told you that your purchase and sale agreement allows the developer an unlimited amount of time to complete your home? That is likely not true. The case law in Florida only permits a reasonable period of time when no specific deadline is referenced in your contract.
Well, what’s reasonable? The circumstances to consider in determining what constitutes a reasonable time include the contract’s subject matter, the parties’ situation, the parties’ intentions, and the circumstances of performance. See Hicks v. Keebler, 312 So.3d 1001 (Fla 2nd DCA 2021).
Scott Haft has extensive experience with developers that have failed to complete investment properties or dream homes and/or have refused to return purchase deposits. A thorough review of your documents may provide you with the ability to cancel or terminate your purchase and sale agreement and entitle you to the return of your purchase deposit plus interest and your attorney’s fees. It’s best to contact a legal professional to discuss your options.