Bahama Bay II Condominium/Resort by Maesbury Homes, Inc.

By John L. Urban, Shareholder – Urban Thier Federer & Chinnery, P.A.

Bahama Bay II Condominium/Resort – Update
Bahama Bay II Condominium/ Resort – Foreclosure Update

Urban Thier Federer & Chinnery, P.A., continues to accept and represent clients seeking representation against Maesbury Homes, Inc., in the Bahama Bay II development (Bahama Bay, a Condominium, also known as Bahama Bay Resort). The firm is representing purchasers who signed an Agreement for Sale with Maesbury Homes, Inc., for the purchase of a condominium unit in the Bahama Bay II development and who have NOT yet taken ownership of their contracted for unit.  The firm is not representing purchasers in the Maesbury Homes, Inc., Bahama Bay I development.

Many of the causes of action/claims have strict statutes of limitation/time limits which start as early as the date that the purchaser signs the purchase agreement.  Developers, such as Maesbury Homes, Inc., and their attorneys are acutely aware of these time limits – time is on the side of the developers and not the purchasers.

Bahama Bay II is a 406 unit condominium development consisting of phases/buildings 39 through 69.  Phases/buildings 39 through 46 have been completed and certificates of occupancy were issued starting in December 2007.  No certificates of occupancy have been issued for any of the Bahama Bay II phases/buildings since June 17, 2008.  Phases/buildings 47 through 69 have not been completed and no certificates of occupancy have been issued.  The status of each phase/building is:

PHASE/BUILDING                    DATE OF COMPLETION

NUMBER                                   (CERTIFICATE OF OCCUPANCY)

Phase/Building 39                             04/10/2008

Phase/Building 40                             06/17/2008

Phase/Building 41                             12/06/2007

Phase/Building 42                             01/10/2008

Phase/Building 43                             01/07/2008

Phase/Building 44                             12/20/2007

Phase/Building 45                             12/20/2007

Phase/Building 46                             01/07/2008

Phase/Building 47                             not complete

Phase/Building 48                             not complete

Phase/Building 50                             not complete

Phase/Building 51                             not complete

Phase/Building 52                             not complete

Phase/Building 53                             not complete

Phase/Building 54                             not complete

Phase/Building 55                             not complete

Phase/Building 56                             not complete

Phase/Building 57                             not complete

Phase/Building 58                             not complete

Phase/Building 59                             not complete

Phase/Building 60                             not complete

Phase/Building 61                             not complete

Phase/Building 62                             not complete

Phase/Building 63                             not complete

Phase/Building 64                             not complete

Phase/Building 65                             not complete

Phase/Building 66                             not complete

Phase/Building 67                             not complete

Phase/Building 68                             not complete

Phase/Building 69                             not complete

Most of the Bahama Bay II purchasers signed the Agreement for Sale in the 2004 through 2007 timeframe.  As a result, many causes of action may be time barred.  However, other causes of action are viable and it is very important that purchasers take prompt action in order to protect their legal rights.  For example, section 3 of the Bahama Bay II Agreement for Sale expressly provides that once the purchaser is in default, the seller/Maesbury Homes, Inc., is entitled to retain the purchaser’s deposits.  Accordingly, purchasers who wish to enforce their rights should take prompt action to protect their legal rights and interests.

Bahama Bay II purchasers paid a deposit consisting of 20 percent of the Agreement for Sale purchase price. Under Florida law (Florida Condominium Act, Florida Statutes § 718.202), a minimum of 10 percent of the purchase price must be held by an independent escrow agent in a separate escrow account.  However, any deposit amount paid in excess of 10 percent of the purchase price can be released to the developer/Maesbury Homes, Inc., once construction has begun.

With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier Federer & Chinnery, P.A. continues to assist buyers throughout the United States and European Union countries who are seeking to terminate their pre-construction purchase agreements. Most cases can be handled on a contingency fee basis (client is responsible for costs).

We encourage you to explore our website – www.urbanthier.com to learn more about Urban Thier Federer & Chinnery, P.A. their attorneys and practice areas. Urban Thier Federer & Chinnery, P.A.’s representation of buyers includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources and ability to take your case through trial and appellate courts, if necessary.

Please note that we do not represent you and cannot take any action on your behalf unless and until we enter into a formal written Legal Representation Agreement and any cost deposit or retainer has been cleared into the firm’s attorney trust account.

Filed under the Real Estate Transactions, Closings and Litigation category.

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