Posted by Mark Washburn on Sunday, September 4, 2005 at 12:40 PM By Mark Washburn / September 4, 2005 Comment
Court rules in favor of developer Many developments include build-out clauses on vacant lots sold within a given project. The build-out clause is utilized to insure that a home is constructed on a property in a reasonable amount of time. In a recent case in the panhandle community of Rosemary Beach, Florida, a developer sought to buy back a lot that was not built-out within the specified interval. The lot owner challenged the build-out provision and ultimately the court ruled in favor of the developer, upholding the validity of the provision. The lot owner was forced to sell the parcel back to the developer for the original purchase price of $95,000 even though the lot was now worth over $500,000. Build it or lose it, court rules [Naples Daily News]
Post a Comment
To post a comment about this blog entry, click here.