Florida abounds with people who are doing real estate deals. When you sign a contract that lays out the terms of a real estate investment, you expect that the other party will act in good faith to honor the agreement.
If you make an agreement that stipulates you are to receive payment on an investment, you should receive the agreed upon payment. Should the other party fail to make good on their payments, then they may have committed fraud or breach of contract.
Recently, a case of alleged fraud and breach of contract was heard in an Okaloosa County courtroom. A group of German businessmen brought forth a suit against a Bluewater Bay resident and another defendant with whom they had formed an agreement.
The suit claimed that the businessmen had invested nearly $4 million as part of a restructuring of an investment business. According to the suit, the defendants failed to pay the amount agreed upon to buy out the stock held by their partners.
The businessmen?s attorney stated that the judge found the Bluewater Bay resident had committed a breach of contract and fraud. The judge awarded the businessmen over $3.3 million.
When you invest in a business venture, you should receive the money you are due. There are laws that can help you recoup losses caused by a partner who does not make proper payments. Additionally, in cases of fraud and breach of contract, you could possibly seek punitive damages.
If you are contractually involved with a partner who is refusing to pay you what you are owed, a Florida real estate attorney may be able to help you rectify the situation.
Source:Â Northwest Florida Daily News, “Judge awards $3.3 million in real estate fraud case,” Tom McLaughlin, April 13, 2015
