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Updated almost 8 years ago on . Most recent reply presented by

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807
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Nat C.
  • Investor
  • Miami, FL
473
Votes |
807
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Presented with terms and conditions after paying for property

Nat C.
  • Investor
  • Miami, FL
Posted

This is a fairly hardcore legal question, so I'm doubting anyone can help much but I wanted to throw it out there.

I bought a property in Florida last year and paid the whole sum upfront- no EMD, just the full sale price. AFTER I paid this I was sent a conditional re-occupancy certificate which basically says the city has inspected the property and found it to be gutted and it has been turned into a 3 unit property when it's only meant to be a SFR. The conditional re-occupancy certificate says the new buyer has 365 days from closing to complete rehab the property and either return it to a SFR or acquire the permits to change its usage to a MFR.

I told the closing attorney immediately that I didn't agree to these conditions, I no longer wanted to buy the property knowing the new information and I wished to back out of the sale.

The closing attorney informed me I would lose my entire $150,000 if I didn't sign the paper. I reluctantly signed it as I didn't want to lose $150,000.

I am wondering if there is an action for recourse and who I would take legal action against in this matter?

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