Legal Question in Real Estate Law in Texas

Real Estate Investment

My Wife and I purchased a building lot in July 2006 in a private resort area that was being developed. The developer said their would be a Marina, 18 hole PGA Champion ship golf course, and a Club house. They said that the lots would be cleared, and that the roads would be paved. The developer got into financial trouble and another developer took over the project in late July of 2008. The original project was to be completed by now. As to date the roads still are not paved, only a portion of the lots were ever cleared, ''ours is not'' the golf course only has 9 holes completed, no club house, no marina and they currently only have 1 woman there at the sales office on the weekends, the only maintenance being done is on the golf course. At this point nothing is being done on the development. We have spent over $26,000.00 on this lot since I purchased in July 2006. In addition to the monthly payment I am paying property taxes over $1000.00 per year, a construction loan for $2500.00 and annual home owners dues of $350.00. Can I file a law suit to recover my money? HELP! Thank you. Gary and Zorica Weston


Asked on 6/04/09, 10:44 am

1 Answer from Attorneys
Cheryl Rivera Smith The Smith Law Firm

Re: Real Estate Investment

This may be trying to get blood out of a turnip if the developer is in trouble. Do your homework and decide if it is worth it to ride the problem out or cut losses now. Good luck.

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Answered on 6/04/09, 11:48 am


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