How to Cancel the Agreement after the recind date

[DeniseM]

I go to court all the time. Sometimes I win, sometime I don't.

I don't have a dog in this fight, but I am very curious about what you mean by this?

 

[Dave M]

In New Jersey the only cost you would in incur would be that of losing. If you pay you lose anyway, so what expenses can you incur more tahn paying up to the fraudulent developer?

Usually, the contract states that disputes are required to be adjudicated according to the laws of a specific state and in that jurisdiction - typically the domicile state for the developer. Since most people buy in a state other than their state of residence, they would likely incur significant travel and lodging expenses for preliminary hearings, postponed hearings, trial, etc. Whether such expenses are worthwhile for a literal shot in the dark's chance of winning is something each individual must determine.

And that's before considering likely significant court costs for anything other than a small claims case, which for the most part is not applicable here.

Another likely cost comes from a provision in almost every contract that requires the purchaser to pay all legal fees, court costs and other costs of collection. Thus, if an outstanding loan, purchase price remainder or maintenance fee is at issue, the cost for taking such a case to court could easily be many thousands of dollars.

Should I go on?

Your advice might be more realistic if you suggest that the individual should consult with an attorney (usually free or less than $100 if arranged through a local Bar's referral service) and then decide what to do after that. But to encourage people without a working knowledge of the court system to take a dispute to court (not small claims court) on their own seems dangerous.

 

[e.bram]

DaveM:
Read my post #7!!!!

 

[Dave M]

I did. That's one of the reasons I posted as I did. Your statement, "Let them sue you...." is a sure way to have megabucks added to what the buyer owes if the almost certain "collection costs" clause is in the contract.

 

[Jya-Ning]

I've found the following group of people who say they can get me out of the contract (for a fee) http://www.theownersadvocate.com/

Has anyone heard of The Owners Advocate?

Yes, they have sent a lot of their employees to pretent as satisfied customer using the same internet address to post.

Don't go that route.

Talk to a local lawyer.

Jya-Ning

 

[e.bram]

DaveM:
Miss the part about the "venue"(starts out with)?

 

[Dave M]

That part was very clear. My advice - to ignore your advice as given - stands.

Even in that specific situation (in the buyer's home state), the collection costs (including all of the developer's legal fees) could result in astronomical additional expense for the buyer.