Legal Question in Real Estate Law in Florida

Purchase & Sale

Hello,

I signed a Purchase and Sale on a pre-construction condo in a new development in Naples, FL. I signed the contract in Feb 2006 with an expected completion date of February - March 2007. I have contacted the sales department and was told that the condo may not be ready now until March 2008 at the earliest. I made the mistake of not using an attorney to sign the P&S. I don't believe I have any finance contingencies, or anything that would give me an out. I would really like to back out of the contract at this point, but I put 20% down and I can't afford to lose the deposit. Do you think I have any options as far as backing out with no penalty? I really expected the place to be done around this time and it is currently a year behind schedule and that's only if everything goes smoothly over the next year. It could realistically be late 2008 that this property is complete and again, I would like to back out of this contract and get my money back. Do I have options?

Thanks,

Jason

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