A “hot off the press” order was issued by the United States District Court for the Southern District of Florida on February 27, 2013. Although this order is not yet officially published, it serves as the most recent reminder that when condominium projects are concerned, a thoughtful and careful evaluation and assumption of developer rights and obligations continues to be critically important for foreclosing lenders and bulk investors.The Porto Venezia Condominium Association, Inc. (“Porto”), as Plaintiff asked the District Court to reconsider a summary judgment granted in favor of Defendant WB Fort Lauderdale, LLC (“WB”). WB is the single purpose entity formed by the lender to take title to the condominium property from the defunct “creating” developer. On March 28, 2011, Porto filed a complaint against WB which, among other matters, included a count for breach of statutory implied warranties pursuant to Florida Statute §718.203 because the condominium property was allegedly not fit, merchantable, and suitable for its intended purposes. The basis for this claim was that WB had failed to construct the property pursuant to the building code and plans and had used poor design, engineering and construction. Porto included a list of claimed defects, including issues with the… Read full this story
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