My new condo owning friend:
I know the urge to throttle your developer and/or inject damage upon his prized possessions is great, but a cooler head must prevail.
I also must remind you that I am not a licensed attorney, a law school graduate or have applied to or passed the Illinois State Bar Exam.
I have on the other hand been in quite a few bars (of the entertainment variety) in Illinois.
Yes, it sounds like you kids are in a sticky wicket but I urge you to gather together your troops their real estate contracts and closing documentations ASAP. Please do so while everyone remembers where they stuck everything or before Fluffy or Fido scent marks the closing documents.
It is imperative to fully understand what was and what was not promised in writing via the contracts.
Additionally, it would be helpful to find any advertising or promotional material about the offering of your development.
The point is that you need to find something somewhere that lists what your bootleg developer was going to do with respect to the renovation.
Those are just the basics. If you really want to start rattling cages you can move onto some more basic sleuthing techniques that I’ll give you in the next post.
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