The Real Deal Miami

No. of buyer v. developer suits to ebb

June 16, 2008 03:22PM

While South Florida sees many ongoing lawsuits between condo developers
and buyers trying to renege on their deals, Jupiter attorney Gary Nagle
says that new filings of such cases will subside as the closing dates
for purchases during the boom pass. Some of the biggest factors in
these cases include the language of the original contract and the
financial standing of the two parties involved. One widespread
accusation is that a developer made “material and adverse” changes to a
project after a contract was signed. A recent state court ruling that
buyers cannot cancel purchase contracts for rising insurance and
utility costs, or for minimal increases in other costs may herald
better prospects for developer defendants, according to Nagle.