Lake Austin Properties I, Ltd., Second Update
Lake Austin Properties I, Ltd., Second Update
The Affinity Partnership, Ltd. and Related Entities
Lake Austin Reserve purchasers (in Grande Palisades, Avalon and Magnolia Woods) have been receiving emails from The Affinity Partnership Ltd., which appears to be an entity which is working for or with Lake Austin Properties I, Ltd. According to the emails, Lake Austin Properties I, Ltd., is seeking to transfer its contract/Agreement for Sale rights to a new entity named Leighton Hall Properties, LLC. The email also claims that Lake Austin Properties I, Ltd., is willing to return 2/3 (66.66 percent) of Grande Palisades purchaser’s remaining escrow deposit if they no longer want to proceed and do not want to transfer their rights to Leighton Hall Properties, LLC. However, to accept the offer purchasers are required to sign documents prepared by counsel for Lake Austin Properties I, Ltd.
Lake Austin Reserve purchasers in the Grande Palisades, Avalon and Magnolia Woods phases should:
1) carefully weigh their rights and options (although various representations have been made, it does not appear that Lake Austin Properties I, Ltd., or any other entity, has obligated itself to reduce the Agreement for Sale purchase price and there does not appear to be any fully disclosed agreement in place with any third party to provide additional financing.)
2) not be pressured into signing any documents that may waive their legal rights (for example, the reaffirmation agreement may be interpreted as a waiver of all causes of action/legal rights as of the date of signing because it asserts that as of the date of the agreement the Agreement for Sale “is ratified and shall be deemed in full force and effect.” Also, for United Kingdom based purchasers, if they assign their contract/Agreement for Sale rights to a United Kingdom entity, they may be barred from taking legal action in the Florida federal court under diversity jurisdiction.); and
3) consult an independent attorney of their own choosing, before making any final decision or signing any documents.
For those Lake Austin Reserve purchasers who have signed the re-affirmation agreement and now wish to terminate their contractual/Agreement for Sale obligation, Urban Thier & Federer, P.A. may still be able to assist them.
Urban Thier & Federer, P.A. encourages all purchasers to do their own independent due diligence and research. You can also learn more about Lake Austin Properties I, Ltd.’s Lake Austin Reserve Grande Palisades, The Avalon and Magnolia Woods Resort phases via these previous articles and updates:
- Lake Austin Properties I, Ltd. – Twelfth Update – Lake Austin Reserve Purchasers Secure Judgement
- InformationLake Austin Properties I, Ltd. – Eleventh Update – Lake Austin Announces Deal with Malbec Investments
- Lake Austin Properties I, Ltd. – Tenth Update – Urban Thier & Federer, P.A. Answers Lake Austin Reserve Purchases’ Questions in Person in the United Kingdom and Provides Factual Information
- Lake Austin Properties I, Ltd. Ninth Update – Lake Austin Properties I, Ltd., Raises Bankruptcy and Other Issues to Encourage Grande Palisades, Avalon and Magnolia Woods Purchasers to Continue with an Economically Unjustifiable Purchase.
- Lake Austin Properties I, Ltd. Eighth Update – Lake Austin Reserve Developer Visits United Kingdom to Propose REIT Concept
- Lake Austin Properties I, Ltd. Seventh Update – The Importance of Understanding Your Chosen Law Firm’s Litigation Strategy and Your Own Litigation Priorities
- Lake Austin Properties I, Ltd. Sixth Update – Lake Austin Joins Forces with IAP/IAP Global Veteran to Replace The Affinity Partnership, Ltd.
- Lake Austin Properties I, Ltd. Fifth Update – The Grande Palisades and Lake Austin Properties I, Ltd. High Pressure Tactics
- Lake Austin Properties I, Ltd. Fourth Update – The Future of the Grande Palisades and the Oversupply of Disney Area Condominium Hotels (Condo-Hotels)
- Lake Austin Properties I, Ltd. Update – Status of Buyers’ Deposits
- Lake Austin Properties I, Ltd. Grande Palisades, Avalon and Magnolia Woods – Status and Rights
We encourage all purchasers to interview any attorney that they may be contemplating to retain and to ask that attorney for their experience, record in this area of the law, number of cases taken to final judgment, number of cases affirmed on appeal, number of attorneys in the firm, firm staff, resources, etc. We sincerely believe that purchasers should not retain an attorney or law firm until they are confident that 1) the law firm has the experience and resources to represent their best interest and 2) they fully understand the law firm’s litigation strategy.
The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from referring to past successes or results obtained for other purchasers in this or other developments. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page and we will promptly respond with additional information. You can also view more detailed information on our About Us page.
With attorneys in Orlando, Florida, and Munich, Germany, Urban Thier & Federer, 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, P.A., their attorneys and practice areas. Urban Thier & Federer, 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 Urban Thier & Federer, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.
John L. Urban, Shareholder