From the August issue: Much attention has been focused lately on the flurry of lawsuits filed
by unsatisfied apartment buyers hoping to get out of their purchase
contracts.
But attorneys say there is another, under-the-radar group of buyers
looking to break their contracts and get their money back. Instead of
suing, these regretful buyers have chosen to pursue the cheaper, more
streamlined option of having their disputes mediated by the state
attorney general’s office. The number of buyers selecting this route has exploded in the past
year, leading to a backlog of paperwork in the office’s real estate
finance bureau, with buyers and developers waiting long periods of time
to find out if they will get often-substantial deposits or down
payments back. [more]