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Real Estate Dispute: Buyer Alleges Fraud Against Property Sellers Over Title Issues

FLORIDA RECORD

Thursday, November 21, 2024

Real Estate Dispute: Buyer Alleges Fraud Against Property Sellers Over Title Issues

State Court
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Marni Bryson, Judge at the FL 15th Judicial Circuit Palm Beach | https://www.15thcircuit.com/

VIP Executive LLC has taken legal action against a real estate company and its associates, alleging fraudulent inducement in a property sale. The complaint was filed by VIP Executive LLC on November 5, 2024, in the Circuit Court of the 15th Judicial Circuit in Palm Beach County, Florida, targeting Jeyanthi Real Estates LLC and its representatives.

The lawsuit stems from a real estate transaction gone awry involving a property located at 9200 Belvedere Rd., Unit C213, Royal Palm Beach, Florida. VIP Executive LLC, referred to as the Buyer in court documents, claims that Jeyanthi Real Estates LLC (the Seller), along with individuals Jeyanthi Rajaselvarasu and Ravichandran Sadhasivam (the Seller's Agent), misrepresented the status of the property's title during negotiations. According to the complaint, the defendants failed to disclose that the property did not have clear title due to it being acquired through a foreclosure sale. This crucial detail was omitted from the MLS listing and not communicated to VIP Executive LLC before they entered into a contract for purchase on May 22, 2023.

Upon discovering this issue after signing an initial contract for $210,000 with a closing date set for June 30, 2023, VIP Executive sought to resolve the matter by executing a second contract extending the closing date to August 31, 2023. Despite these efforts and wiring an escrow deposit of $15,000 on June 7, 2023, VIP Executive alleges that the Seller failed to provide necessary documentation such as a proposed Warranty Deed or title insurance commitment by the new closing date. This failure prevented them from proceeding with or accepting title under conditions suitable for pursuing their intended use of the property.

The complaint further accuses Jeyanthi Real Estates LLC of rescinding their agreement post-closing date and relisting the property at an increased price of $40,000 more than initially agreed upon. Additionally, it is alleged that blank spaces left in critical sections of their contract were used strategically by the defendants as leverage to renegotiate terms or void obligations altogether.

VIP Executive LLC is seeking several forms of relief from the court: restitution of their escrow deposit; damages covering attorney fees; costs incurred; lost profits due to potential resale opportunities missed; and any other relief deemed appropriate by judicial authorities.

Representing VIP Executive LLC is Eric Lee from Lee & Amtzis P.L. The Case ID is: 502024CA010610XXXAMB Div: AK.

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