I invested in a condo project off of a lake in Texas. About a year has passed and I learned that the man that was in charge of our investment had been released from the project. He took our money and rolled it into this dump of a project without our permission. Do I have any legal strength here. I have a contract that was drawn over the initial property? About 2 years has passed now since the initial contract was signed.
Elmer
Comments
Seriously Justin,
You were smart enough to make an investment, which means at some point you either saved money or inherited it.
Regardless, you made the investment, so don’t you think it’s just as wise to consult a real estate attorney on this? I would do so immediately, this happens maybe more than you realize.
You should hire an attorney immediately, to protect yourself and your investment. Take a copy of your contract, and all information with you, it will help the attorney have a better picture of what’s going on.
Hope everything works out for you.
First off, im not a lawyer and laws vary state to state. I do have real estate and developing experience. I would first contact an attorney in Texas. You may be able to recind your contract on the basis of fraud, because he switched projects using your money. This is very tricky situation to be in, because i dont think getting your initial investment back will be very easy, but depending on the details of the contract, project, and laws: Yes, i definately think you have a case. Your not going to make money on this deal unfortunately, and would try to get out clean with the money you put in. Trying to sue for additional damages would make your legal bills triple, and jeopardise your original claim, and most likely couple you with an ambulance chaser type attourney.
Depends what the contract says, read it carefully
