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The Law Offices of Jeremy M. Zubkoff, P.A.

Real Estate Pre-Construction Contracts

Did you sign a contract to purchase a condominium pre-construction in the last two (2) to four (4) years and now wish you can turn back time and get your deposit back? Well, all is not lost, the Law Offices of Jeremy M. Zubkoff may be able to get all or some of your deposit back. Many pre-construction purchase contracts provide that the Developer must substantially complete construction of the unit within two years. The reason that the developers include the two-year clause is to bypass the Federal Interstate Land Sales Act (”ILSA”).

Under ILSA most developers must provide disclosure reports to buyers before they sign purchase contracts. However, ILSA provides an exemption for the Developer if they include the two-year clause in their purchase agreements. While the Developers use the two-year clause to avoid Federal Law, it may all you need to get some or all of your deposit back. Time is extremely sensitive in determining whether you will be able to get your deposit back, so call the Law Offices of Jeremy M. Zubkoff, P.A. immediately before it is too late.