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Condominium Termination In Florida, we were served papers…

Customer Question
Condominium Termination In Florida...

Condominium Termination In Florida, we were served papers Monday. The appraised value that they gave us$75.000 less than we paid for it 6 years ago, we own free and clear this was going to be our retirement home. We thought at least we would get what we paid for it

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Florida

Lawyer's Assistant: Has any paperwork been filed?

Not on our end

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

We are now getting our own appraisal, but will this help at all? It seems like they have there minds made up already.

Submitted: 5 months ago.Category: Real Estate Law
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Answered in 11 minutes by:
11/16/2017
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 5 months ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 21,368
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 5 months ago

I am sorry, but I do not understand your post.

Kindly review, edit, properly identify the parties and your issues, ask specific question(s), and resubmit.

Thank you for your cooperation,

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Customer reply replied 5 months ago
Thank You.
Customer reply replied 5 months ago
We purchase a Condo in Fort Meyers Florida 6 years ago and paid $229,000 and had no desire to sell, we received a letter in April of 2017 that a group ought all the remaining condo units and they advised that they are invoking 718.117 of the Florida law. We received a settlement report for $156,000. They said that this is the fair market value. We where under the assumption that being original owners and purchased from the original developer that we would receive at least what we paid for it. This was purchased for our retirement it is not our fulltime home.
Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 5 months ago

Thank you for the information.

Kindly give me a few minutes to research your issue and get back to you.

Thank you for your patience.

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Real Estate Lawyer: Phillips Esq., Attorney-at-Law replied 5 months ago

Your Question:

We are now getting our own appraisal, but will this help at all? It seems like they have there minds made up already.

Response: It should because 718.117 subsections (1)(d)5; (2)(c)3.specifically provide that owners of the units must be compensated the fair market value of their respective units.

Goodluck with your case,

A positive rating to my response is appreciated so that I can receive credit for responding to your post. There is no additional cost to you for giving a positive rating.

Thank you for your cooperation.

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Phillips Esq.
Phillips Esq.
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Category: Real Estate Law
Satisfied Customers: 21,368
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Experience: B.A.; M.B.A.; J.D.

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