Buyers contest Downtown condo contracts

[gradco2004]

DOWNTOWN -- Some buyers are trying to break their contract at the Churchwell Lofts at East Bay.

Five contracts that account for nearly a quarter of the 21 condominiums are being contested because of language added to agreements that gives the developer a voluntarily assumed legal obligation to a federal law it otherwise would not have been bound to.

PRP Properties Inc. has already agreed to return one $85,410 deposit and faces litigation for $236,917.50 more in deposit refunds, according to Duval County Civil Circuit Court records and the attorney for the plaintiffs in the five cases.

Hank Sorensen, a Port Richey-based real estate attorney with Henry T. Sorensen II PA, is using perceived violations of the Interstate Land Sales Full Disclosure Act to litigate the contracts. Sorensen has 10 to 12 clients in Jacksonville in other condominium projects in various stages of representation using the federal act as a defense.

continues here:  http://jacksonville.bizjournals.com/jacksonville/stories/2008/03/17/story6.html

[walter]

tip o' de iceberg....says Captn Edward John Smith.