Legal Question in Real Estate Law in Florida

joint venture with Co on purchase of 2 properties
sent Company 20K Mar 05 as investment in 2 properties, they cashed cheque, we received deed to properties Sept 05 with promise of return of investment plus 75% in one year when homes built on properties and sold. Homes not built, we have deeds to properties, approx 19K has been dispersed from each mortgage loan for clearing properties etc. Co promises weekly since Sept 06 that there is a buyer for the properties but so far none. Loan flips from interest free temp construction to permanent mortgage (as if the houses are there) Feb 1. Can we pay off the loans now and arrange to sell ourselves? In the original agreement with the Co. there is a ''we can't buy'' clause however they have defaulted on this agreement by virtue of not paying us off in the stated year. Do we have grounds for action against the Company? the principals and the bank? The Company has been making the payments so far, paid some deliquent taxes on one of the properties. The Co.also paid the fee Aug 06 for a 6 month extension on the interest free loan. The Co says there is a prospective buyer ready to go this week but we are skeptical. Permanent loan occurs 02/01/07. We live in Ohio

Asked on 1/01/07, 8:58 am

David Slater David P. Slater, Esq.

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Re: joint venture with Co on purchase of 2 properties

Without reading the agreement no one can give you a proper answer. I doubt they guarantee a sale.

Answered on 1/01/07, 10:06 am

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