A real estate attorney can help buyers and investors to protect their interests. This is true for transactions that range from multimillion-dollar projects to buyers who are interested in purchasing a single-family unit currently owned by a bank. Buyers or sellers that fail to seek legal representation in these transactions can be at a greater risk for fraud.
Developer promises investors big returns on Florida development deal
A recent real estate project provides an example. In this project, a developer presented an idea that would result in the development of a premier hotel/condominium complex in Florida. The developer promised the investors high profile individuals would serve on the property’s board. Individuals like Bill Clinton and Donald Trump. The developer also stated that celebrities would be recruited to own property within the complex. To help solidify the investors’ promises to provide funds, the developer allegedly arranged an event in Florida to discuss the project and introduced potential investors to Donald Trump, not yet president at the time of the event.
Instead of using the funds to move the project forward, the developer and others allegedly took the funds for personal use. The project has not moved forward as proposed.
The investors have lost millions but will likely seek to recoup these losses with a civil lawsuit. The accused also face criminal charges for tax crimes and money laundering from the United States Attorney’s office.
Real estate lawyer could have helped protect the investors’ interests
The case provides a valuable lesson to those who are moving forward with real estate transactions in Florida. A real estate attorney can review the contract and discuss potential concerns. This discussion can include concerns with the ownership of the property as well as larger concerns that could be a red flag for a scheme.