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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6855
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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Our development broke ground 10 years ago, there is still no

Customer Question

Our development broke ground 10 years ago, there is still no club house as promised, empty lots, only 20 out of 100 homes have been built. The website is for the development is gone. When you go to a board meeting, they have no answers. We are owned by a major US Company that has nothing to do with real estate. I think they are writing us off as a loss every year and really do not care about completing the development and I will never be able to sell. What can I do?
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Irwin Law replied 7 months ago.
There is really nothing that you can do from a legal standpoint; however, those 80 unsold lots are an asset on the books of the Corporation, or they may be mortgaged to a bank. Sooner or later they will have to be sold. Another developer is going to see an opportunity and buy them.The risk that you take at that point is that a new owner of the lots may try to downgrade the size requirements of the homes and other items of quality assurance in order to sell the lots. That is something that your Board will have to deal with at that time. Since you are in Connecticut, not the desert in Arizona or Nevada, I like your chances. Please don't forget to enter a rating by clicking on one of the five boxes at the top of this reply. We are not employees of Just Answer, and only receive credit for assisting you when the rating is positive. AND THANKS FOR USING JUST ANSWER.