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My uncle has invested in a commercial property that has not been finished, or I should say hasn't even started, the deal was that the developer collects the money from investor and they promised to start the development like 2 years ago.
But not as time flies, nothing has happened, which we don't see it's even going to happen, so does anyone know what is the proper way to get those investment money back? Should I suggest getting a lawyer to handle it for my uncle?
Good luck with that. There is a very good chance that money is gone forever.
Investments do not come with guarantees, nor insurance like you get on a passbook savings account. When you invest money, you put your money at risk. That is why you must be very careful with your due diligence.
Hiring a lawyer is going to be your only option if you have already requested a refund and been turned down. I suspect that all that money is long gone and all you are going to end up with are legal bills.
But give it a try. Maybe you will be one of the lucky ones.
so does anyone know what is the proper way to get those investment money back?
What does the contract say? What does he actually own? The entire property? A share? Etc. As for getting his money "back" its likely not going to happen. Its not like returning a microwave to walmart. But if he actually owns anything of value according to the contract, its possible he could sell it and recoup what he can.
Many real estate contracts have dates for building. It might say they have 2 years to complete. It might say they have 10 years. If there is no time limit, more than likely (I'M NOT AN ATTORNEY AND NOT GIVING LEGAL ADVICE) it's not a valid contract. Real estate contracts, for the most part, are valid with a starting and ending date. You need to read the contract.
If there is a start and end date, and they have defaulted the contract because they didn't perform to those dates, you should read the "default" section of the contract. It should state things about what happens to the money to make the non-defaulting person whole. Beyond that, most real estate contracts also have a Mediation clause in them...
I think that you have to ask a lawyer for help here. It is a little hard.
Your advice is about 7 years too late.
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