Fortune Ocean, the developer of Jade condos in Miami Beach, is being suing by buyers for breach of contract and theft.
The suit that was filed in Miami-Dade Circuit Court earlier this month focuses on the developer's refusal to refund a portion of the buyers' deposits on the Miami Beach real estate condos after they canceled the purchase contract in May 2009.
The buyers of these Jade condos in Miami Beach are seeking a return of their "excess deposits.'' The buyers put down 20% and the developer is entitled to keep onlt 15%.
The suit accuses the developer Jade condos in Miami Beach of "strong-arms the theft of a portion of the escrow deposit,'' and "forces preconstruction contract holders to file lawsuits to secure the return of monies that unconditionally belong to them.''
Contributed by MLR Realty
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