Here’s an informative article from yesterday’s Orlando Sentinel, explaining that the current anxiety experienced by Miami condo investors has led to a new legal “subspecialty,” that is, “contract cancellation.” This basically means representing clients who wish to get out of purchase contracts and get back their deposits.
I can certainly vouch for this trend. Like the Miami lawyer quoted in the article, my firm also gets a regular number of calls concerning buyers who seek to cancel their contracts. And I would also add that the tanking residential real estate market is also responsible, more generally speaking, for an increase in business litigation between individuals and companies who were collectively making good money during the boom — for example, subcontractors and broker companies — but whose businesses are floundering as the money dries up. In such times, businesses are always more likely to file suit to try to capture preemptively a larger share of the shrinking pot.