Legal Question in Real Estate Law in Arizona

Real Estate Fraud?

I was involved with a group of 20 that invested 15k each to a real estate investor for a short term land flip with a return of 30k per investor. 2 months ago, 1 of the 20 received his inital deposit back + the 30k profict. It is now 6 months past the due date, it appears there never was a land investment that our money went to. The developer has an attorney who is now saying the investment fell through and the developer will return the initial investment, + a 12% return.

What recourse do I have per the terms of the original agreement? Is this Fraud? Is the developers attorney advising her to pay back the interest with a percentage return to avoid liability?

Any advise?

Thx,


Asked on 10/02/07, 5:06 pm

1 Answer from Attorneys
Debra Palomino PALOMINO LAW FIRM, P.C.

Re: Real Estate Fraud?

Any attorney will need to review the original agreement before advising you of your rights. I would suggest that you ask the attorney for more information regarding the investment and its subsequent failure.

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Answered on 10/09/07, 11:26 pm


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