Legal Question in Real Estate Law in Florida

Re: Price decrease on property in development

Before following Mr. Jay's advice, ask the deveolper.

Re: Price decrease on property in development

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It seems pretty apparent from your question that the developer did not drop your price at the same time. The developer is not required to do so either. A contract which has been agreed upon by both parties in writing is legally enforceable. Similarly, if the price had gone up, the Seller would not have been able to increase your price.

At this point, you can only hope to negotiate with the Seller to lower your price to match the other units. If you have a mortgage contingency that is still in play, it is altogether possible that your unit will not appraise at a high enough price to allow you to qualify.

I would strongly suggest that you consult with a qualified real estate attorney who can review the terms of the Contract and then give you specific legal advice as to your rights and obligations. Perhaps, the attorney can help you negotiate a better deal. Good luck.

Scott R. Jay, Esq.