I need legal advise on an investment made two years ago. My husband purchase real estate in Florida,Panama city, (Cabana Cay), hope is familiar. My husband's excellent credit got us the loans necessary to make the deal. Cabana Cay promised to have our property ready June of last year, Now almost a year later we still have no closing. We have paid about $10,000 dollars in interest. The property value half a million and have put a 50,000 deposit, now with the market on the floor, even if we did close we could not sale it and if we did is no longer worth the property value. We can no longer wait and continue paying about $700 a month in interest, is insane how we've managed so far. This situation is really taking a toll on our economy. At the time when the economy was well it seemed like a good investment. Please help, we want to take action, please any advise or any cheap good lawyer in it to help you and not for your money. Thanks
Seek a real estate attorney or you may have to seek an international attorney depending on who is funding the property for you. YOu may have to pay a consultation fee, but it would well be worth it to try to get out of that deal. Was there any timeframe in the contract as to when they had to deliver the property or they would default? Seeking legal advisor is the best advise I can give you.
I highly recommend:
Peter Abesada, Esq.
2676 SW 2nd St, Miami (Coral Gables area)
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Here in the Miami area, many real estate transactions are foreign investments or foreign investees in American properties. Mr. Abesada would be great.
Hello M. ,
I'm originally from Panama . I've been leaving in the US since I was 4 . I visited Panama for the very first time in 2004 and visited Cabana Cay is it truy beautiful , not even the locals have visited this hidden precious destination . Sorry to hear all the issues you are going thru with the property you and your husband purchased . Did you guys had an attorney to draw the real estate agreeement berore making the investment ? It is very hard to deal with foreign countries when it deals with real estate , My sister had a simiar problem but she purchaed land in Costa Rica , She is stil batteling to get her refund back . It is not about getting a cheap lawyer it is about finding an attorney that will help .Remember attorney receive payments when a settlement has been made , It is about resolving the issue with a real estate attorney that especializes in Foreign countries real estate.
I wish you the best and hopefully your situation will resolve promptly .
~ A.
Unfortunately, advice is not cheap. We have a very good attorney. He is very nice; you might want to talk with him and see if he can cut you a break.
His name is Holiday Russell and he is out in Hollywood.
We just went through a real estate ordeal ourselves.
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I can recommend Craig Haverfield with Carlson and Sasadu. His phone number is ###-###-####. But again, I cannot say that it will be inexpensive!
You need to find an attorney to review the contract. There may be a way to get out of the contract. But you are going to run into a problem finding an attorney to represent you for a case that is not here in Florida. I work for a real estate attorney who specializes in contract disputes. That is all we do resently basically. He is very good but I don't think he'll take a case that is out of state. I highly doubt it. And the way he charges is by a percentage. So when and if the case settles he will take a percentage off of the deposit you made to purchase. It can be anywhere from 35-45% usually depending on the case. If you would like to ask me anymore question please just write back. Good Luck!!
