Posted on 07-20-2017 by Joe Marcotte
There is currently a class action lawsuit with the purchasers of hotel and condominium units at San Diego's Hard Rock Hotel and sellers of units because of failure to disclose material information and buyers financial losses. The plaintiff, in thi... Read more
There is currently a class action lawsuit with the purchasers of hotel and condominium units at San Diego's Hard Rock Hotel and sellers of units because of failure to disclose material information and buyers financial losses.
The plaintiff, in this case, agreed to purchase certain units two years before the hotel is actually built. The seller of the units violated Interstate Land Sales Full Disclosure Act by not providing the plaintiff certain congressional mandated protections in the purchase and sale contract.
The buyers were entitled to a right to rescind the contract for any reason within two years of signing it. The sellers were required to disclose of this rescission right to purchasers of the hotel units but failed to do so. This lawsuit alleges that the sellers misleadingly told the buyers they had an obligation to close on the units or lose their deposits at the original contract price, even though the market price for the units had been drastically reduced.
The buyers did close on their units but suffered financial losses because of the misleading information. These two parties settled the case in early 2017 but in May, a judge preliminarily "approved the party settlement holding the class would be certified for settlement purposes and directing a settlement administrator to notify class members". This final approval hearing is not until September with a judge will decide whether the settlement shall be fully approved in the case dismissed. [Source]
So, what does the settlement provide?
It will require defendants pay $51,150,000 into a common fund, which will be distributed to all members after accounting for attorneys fees and administrative costs and expenses. The disbursement will be based on the current value of the unit if they still own it, the resale price, or the amount of their loan that was discharged through foreclosure.
If you currently own a unit at the Hard Rock Hotel in San Diego or would like more information on this litigation to contact our office today.
Image by Graham Hills
We are a fully expansive resource for condos, lofts, high-rises and apartments. We provide up to the minute updates of local listings, status changes and neighborhood information for a variety of major cities and communities. Our condo website features details on individual buildings, communities and neighborhoods to bring you accurate and current market statistics, local and national resources, community links, and of course all the active listings for condos, lofts and apartments. We provide personal service and representation which is free for buyers and tailored specifically for sellers. With convenient search features, details on every available listing and maps to find exactly where you want to live, we guarantee no other online resource to be more detailed and consistent.
As your personal real estate representative we strive to:
The Condo Showroom has been showcasing properties and real estate in the Los Angeles condo market and the San Diego condo market and we are soon expanding to other major metropolitan areas. Our agents not only know the market, they know the neighborhood. Trust your next condo purchase to the professionals at The Condo Showroom.
We want to offer you every condo listing in major metropolitan areas and current active properties. Contact us directly at: 619-208-1852 for updates on any listings. We can offer private tours of any popular condo buildings in most areas regardless of the listing agent. We look forward to helping you find the right condo at the right price.
The Condo Showroom is an online search resource for condos. Our goal is two fold: first, we constantly improve our site to make sure that we offer the quickest and easiest way to search condos. Second, we partner with the most qualified agents in your search area that understand the differences between selling condos and homes. It is our core principal to create a website that you can browse anonymously. You decide when you are ready to have a discussion with us about buying or selling a condo. - Joe Marcotte CEO