Legal Question in Legal Ethics in Georgia

real estate fraud

i purchased 35 acres of land with a log home thatwas almost completed i made plans to finish my home and also with a few investors develope the land and construct a subdivision consisting of several homes.By the bank who owned the property,the banks lawyer,a morgage broker and pictures of the property.I was led to believe that I had road frontage plus a few other extras.we signed the papers.the bank put a money in a construction acc.so that i could finish my home.after a few months work we find there is no legal way to get to the property I go up there like i have all alongdid only to get flat tires and a threat of bodily harm if i try to cross there again.this kind of stuff went on for over a year.bank wanted me to extend on the construction loan because the house was not finished i said i need an easement so i can get to my home. my investors pulled out. since then banker and his sec.have left the bank.bank is forecolsing on me screwing my credit up.all i wanted was to build a place for people to enjoy.well make a little money too.I feel like all the out of pocket money and the money my investors and i would have made we lost 4 to 5 million dollars.is there any recourse.i know the banker,lawyer,broker made good money help hel


Asked on 3/26/06, 5:22 am

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: real estate fraud

For that amount of money, you really should have a lawyer look at it, and you should have had a lawyer look at it before the purchase (if you did not). It is a little beyond the usual level of this message board. Depending on what the paperwork says, and whether you had full opportunity to examine the title, boundaries, and property, you may have a tough case. This is especially true since it was a commercial venture for you. Based on your post, it looks like you just didn't know what you were buying, and didn't really do any due diligence. Again, see a real estate lawyer in the area and provide him/her with all the paperwork and details of all the conversations. Considering the loss, it is at least worth that much.

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Answered on 3/26/06, 10:59 am


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