ORLANDO -- Condo buyers who jumped into a white-hot real estate market a couple of years ago now are suing to get back their deposits on units that have dropped in value since they put money down.
Several civil suits were filed this year in Orange County Circuit Court by buyers citing breach of contract due to a variety of alleged material changes made that were not part of their original purchase agreements.
The buyers' goal is to get back their deposits, or for the developers to settle out of court, return at least some money and cancel the purchase contracts, say local attorneys.
And this is just the first wave of litigation regarding units in unfinished condo towers in Central Florida, say local lawyers involved in the current cases. Downtown Orlando has more than 4,000 condo units planned or under construction, says the Downtown Orlando Partnership.
Source : http://www.bizjournals.com/
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