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    PCB's Avatar
    PCB Posts: 1, Reputation: 1
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    #1

    Jan 19, 2007, 09:10 AM
    15 day recission on condo doc reissue
    Help! I bought a pre construction condo as an assignee. The developer had to reissue documents after passing the 24 month deadline, and making substantive changes to the documents.

    When I received the reissued documents, accompanied by a new contract, I opted to exercise my 15 day right of recission. Reason: I had intended to do a 1031, but the six month delay ruined the timeframes. There have also been numerous changes from the original development proposal.

    The assignor, and the developer are refusing to return my 20% deposit. Isn't the prior assignment contract null and void due to the missed 24 month deadline? Do they have a claim against my deposit?:confused:
    mr.yet's Avatar
    mr.yet Posts: 1,725, Reputation: 176
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    #2

    Jan 19, 2007, 09:20 AM
    It would depend on the wording of the original contract. If the contract was for 24 months and they failed to produce as stated, that contract would be null and void, and any deposits should be refunded.

    Get with a attorney in your area. If seem as thought they breached the contract.
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