Condo Conversion with Construction Problems

This is a discussion on Condo Conversion with Construction Problems within the Condos & Co-Ops forum, part of the Other Real Estate Law Matters category; We purchased a condo 3 years ago. Since then, the reseller has discovered significant construction defects. Water is leaking into ...

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Old Jul 15th, 2009, 06:29 PM   #1
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Confused Condo Conversion with Construction Problems

We purchased a condo 3 years ago. Since then, the reseller has discovered significant construction defects. Water is leaking into the units through the windows and the roof is not built to code. There is a class action lawsuit against the developer that has dragged out for almost 3 years now. Meanwhile, my tenants are moving out because of the leaks. The leak is coming from the unit above me, so I am unable to mitigate my damages. Isn't there a way for me to claim they sold me the unit under fraudulent terms? Is there any way to get out of the mortgage legally without damaging my credit by going through a foreclosure? I see no way out since I cannot rent the property or sell it. Please advise. Thank you!
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condo conversion, construction fraud, real estate fraud



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