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Florida condo buy out now causing anxiety and second guessing


Question:

realtor-trickyThis is regarding a condo buy-out. I live in a 225 unit apartment complex. It was converted to condos in 2008, but at that time they never sold all the units and there are about 27 owned units.

The rest are rentals. In 2010, it went bankrupt and now in 2013 a big corporation bought the 190 rental units and common grounds and is now going to buy the owners' condos for fair market value. I paid cash for my condo - $70,000.

A few of the owners got together and went to see a lawyer and he basically told us what the trustee had already told me: we can contest it with a lawyer after we get the appraisal amount.

About 4 or 5 of the owners spoke to a real estate agent (meeting set up by other owner) and he said if we would sign a listing agreement with him his lawyer would help us with this problem and like that we would have more people fighting the corporation, and thus get more money for the condos.

So I signed a "Right of Sale Listing Agreement" with the real estate agent. (5 of us did). But I was talking to a lawyer about the contract because after I really thought about it, it sounds to me like doing this contract under false pretenses because this is not like a regular sale. It's not even going to be listed like regular property that is being sold.

Of course, the agent sees a 6% commission and $$$$!. I wrote to FREC and they told me to check the FL Real Estate Statute. I read the Statute regarding the termination of condos, which is what we already have, that was recorded in court already. Statute 718.117.

But my question is really not answered in the statute. I just want to know if the offer the trustee makes is ok with me and I just want to get out already, can I take it and end it?

Or because I signed that contract, will I be forced to stick with the realtor which to me, is really useless, and whether, due to the situation, that contract will be any good.

And also to know if  someone has been in this situation, or knows someone who has gone through this. I have spoken to two lawyers. One told me he knows the agent personally, and the other one pointed out the FREC to me but didn't really answer me definitely.

I want to consult a lawyer that will explain to me exactly, even if I have to pay for the consult. I don't want to get in trouble with any contract that is no good. Thank you in advance to everyone who can help!


Answers (3)

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