Many Florida regions are considered prime locations for real estate investors. There are many condominiums in Miami-Dade County and throughout the state. A couple who signed a contract to purchase a condo filed a class action lawsuit regarding real estate disputes that erupted in connection with the deal.
State law prohibits condominium associations from charging certain fees in excess of $100 per person or married couple when processing new purchase agreements. The couple who filed a class action lawsuit did so after reportedly being charged inflated fees. The claim stated that many buyers were being charged nonrefundable transfer fees, as well as additional charges for things like elevator services, credit checks and clerical services.
Nearly 600 people were eligible to participate in the class action lawsuit. The condominium association named in the claim agreed to settle the real estate disputes by paying up to $300,000 to residents who were charged inflated fees. Each participant will receive 100% compensation for damages or $250.
Meanwhile, members of the property management industry in Florida are lobbying for an increase to the current limit on the $100 nonrefundable fee. Thousands of people in Florida live in condominiums, which is a popular form of ownership. State laws and regulations pertaining to condominium living can be complex and confusing to those who do not have a specific legal background in real estate law. Anyone who has recently purchased a condo and is currently concerned about potentially illegal fees or other real estate disputes may request a meeting with an experienced real estate law attorney for guidance and support.