During the Go Go years of Real Estate and Condominium Sales in Las Vegas, most of the condominium purchase agreements were completely one-sided and favored the developers. Still, many people signed a contract to purchase a new condo unit. Most of these contracts seem to be nonnegotiable. Of course, always read a contract carefully before signing to understand what your obligations are under the contract. You should take particular care in reviewing the "financing contingency" language in the contract, which very often, is no contingency at all.  Given the current market, a financing contingency should always be included in the contract.

To learn more about your rights when signing a condo contract, contact, David Otto & Affiliates, PC.

If You Can't Close the Sale...Or If Your Economic Survival Depends on the Close

Many times, after a buyer has put up a substantial deposit, he or she cannot close the sale. The builder will then declare the buyer in default and attempt to keep the deposit as "liquidated damages". There is a way for a buyer to be refunded the deposit.

The Interstate Land Sales Full Disclosure Act can often be used to defeat the builder�s claims and obtain a refund. The drafters of home- builder and condo developer contracts, know the Act well, but a builder contract will often violate the Act.

Protect Your Rights Under Law

The law office of David Otto & Affiliates, PC can assist you in obtaining refunds of deposit for the buyers under this Act. If there is a violation of the Act, a buyer is entitled to rescission of the contract, a return of all deposits, and attorneys' fees if a lawsuit is filed. It makes no difference whether the buyer is somehow in breach; the buyer is still entitled to a refund of all deposits.

To learn more about your rights when signing a condo contract, CONTACT Otto & Affiliates, PC.