If I lived in Texas, I wouldn’t buy a new home there, because a builder-friendly state government has taken away the right of homebuyers to sue builders for shoddy workmanship. Instead, they’re forced into an arbitration process run by builders. In other words, if your shiny new million-dollar home has leaky pipes, a leaky roof, or a cracked foundation, you have no recourse and may end up paying for repairs yourself. Getting a roof repair in Austin would be easy, especially when there are reliable professionals available, it’s not like you’ll have to go out of your way to find a company to help you fix something. This is great if the roof damage is something that you need to fix straight away. It’s so easy to google “roofing Austin” that you’ll find a company in no time. The issue that I have though, is that when it’s not your fault that the roof is leaky, it feels unfair to have to pay to fix it.
Today, CNBC brings us a story about an equally draconian law in Florida. Under this law, if you own a condo in Florida, you can be forced to sell for less than you paid even if you’re current on your mortgage and taxes and don’t want to sell. In effect, the majority owners can vote you out of the development on their terms and at their price. Read the CNBC article for details. http://www.cnbc.com/id/101746928
Becoming a victim of these laws can easily turn into a financial disaster of the sort that destroys families and ruins lives. As a lawyer, I would caution a prospective homebuyer that a condo purchase is different from buying a house because you’re not only purchasing a property but also signing a contract with other condo owners that imposes financial and other obligations on you. Make sure you read and understand the fine print, and I strongly recommend hiring a real estate lawyer London or one closer, to you review the transaction and look for dangerous pitfalls before you sign on the dotted line.
Of course, one of the best ways to protect yourself is don’t live in a state whose legislature sucks up to greedy business interests and victimizes their own citizens. I know a friend who is looking up northern virginia condominiums because of this news, though I don’t know if it applies there too. I don’t believe it does, but research before you put down any money. If however, for some reason, you have to live in Texas don’t buy a new home there; buy a used one. If you have to live in Florida, don’t buy a condo there; buy a single-family detached dwelling on its own property with its own deed. Or, at least talk to a lawyer about how you can protect yourself before you go swimming with sharks.