A reduction in some amount that is owed, usually granted by the person to whom the debt is owed. In the law of torts, the summary removal of a nuisance.
So what is Condo abatement and how does this affect me?
Once you have purchased a prop
erty from a new home builder and you have signed an agreement of purchase and sale, you will find that in most cases the developer of the land will be excused for many potential mistakes that they consider small or insignificant.
This however, doesn’t help you if your floor plan shows no column in the bedroom and now you cannot fit the king size bed that you purchased along with the obstructed concrete pillar which is not in your opinion insignificant.
Therefore the law makes it clear that if this inconvenience is not settled through a mutual agreement or abatement, satisfactory to all parties, than a case may be heard to determine what the courts consider insignificant at a cost which can be much higher to the developer than if they would have just settled.
In Condo Rebates experience, one person going up against the law firm of a large developer with such concerns or complaints basically goes unheard.
Condo Rebates does things a little different. Once it is established that there is a large enough group of purchasers complaining about the same thing, petitions are signed and the case is taken on by our legal department and associates. They will in turn represent the buyers to the developer’s law firm in such a way that it will be understood that this complaint will not go unrecognized. In most cases there is a settlement prior to a hearing and the law firm and our company takes a contingency fee for representation and divides the balance amongst those who signed the petition.
No upfront fees, no obligations and no hassle to the buyer, and just like the rebate program, this is something that you can do on your own if you choose to.
Realizing that a professional representing the interests of many and taking the burden and risk of works done for a potential fee, seems to be the practice most investors would like to take.
An example of some abatement’s may be:
Inconsistency in Floor Plans
Not enough visitor Parking Spots
Problems with or lack thereof outdoor lawn or park or gardens
Inconsistency or Misleading Budget for Condominium Corporation
Maintenance fee discrepancy
Elevator Not Working
Failure to put in structural drainage
Closing Dates late or early
Walls or ceilings not straight
Balcony Falling off
Windows falling off
Building structural defects
Appliances not working
Click here to see if your building is affected and or post your abatement. Your information will be kept private until you are requested by our lawyer to sign a petition, at which point you will become one of the plaintiffs and considered from payment through the abatement system.