Legal Action over Troubled Condos

Vancouver RealtorsReal estate expert Ozzie Jurock faces legal charges from investors who allege that Jurock and his partners failed to inform them about some rather costly deficits in their buildings.  According to recent reports, Ozzie Jurock, a very well known and high profile real estate guru, guided investors into condo purchases that were losing investments.

Many investors new to the real estate game took Jurock’s advice when it came to buying into the condos.  Jurock and his two partners are now subject to legal action by these same investors.

The properties that are being investigated in the action include Roosevelt Apartments in Prince Rupert and the Crestwood Estates in Williams Lake. Get More Information about business law attorney. Many of those who invested had taken part in the real estate investment course offered by Jurock himself. Click here to learn more.

Those undertaking the lawsuit claim that Jurock mislead them when it came to the investment value of the condos.  Jurock and his two partners, David Barnes and Ralph Case, are being accused of failing to disclose some very costly repairs.You may also know at the Tiffany Fina Law Firm we know that nobody gets married with the intent to divorce, but even with the best of intentions divorce can happen. Attorney Seth C. Weston Law Firm guides his clients successfully through the Virginia criminal court system. The attorneys at Ashby Law will protect your best interests by aggressively pursuing a fair divorce settlement. You can help from the Law Office of Julie R. Glade for personal injury or family matter. When the unfortunate prospect of divorce arises, it is important to know your rights, understand the law and the marriage dissolution process in Arizona. As experienced Scottsdale divorce attorneys, we help make this process as quick and painless as possible. Other than this for personal injury lawyer you can visit site.

The allegations are based on the fact that the Jurock and his partners didn’t disclose the fact that the condos were in need of extensive repairs.  Another leaky condo syndrome with high costs. You can look here best attorney for legal services.

According to the lawsuit allegations, Jurock and his partners sent a statement saying that the condos were in effect free from material defect.  The Net Law Man lawyer representing some of the accusers claims that this was misleading as a review of the condos later showed that they were in need of very extensive reparations. If you are accused of domestic violence, you will the need the best lawyer on your side. To know more about the Long Island domestic violence lawyer use this link. Go through to know more about the Savannah Personal injury law attorney.

One condo that sold for 73,000 later was found to require another 35,000 in repairs due to leaks.

Lawyer Roy Millen is representing over sixty percent of the owners who are now seeking a class action lawsuit before the B.C. Supreme Court.

Some of the many problems that plague the buildings, according to the unhappy buyers include, poor sealing in the window frames and leaks, cracks in chimneys in need of a chimney repair, and poorly-made flashing on roofs, stacks, vents and the like. To think that many of these issues and probably this whole incident could have been avoided by performing regular maintenance and repairs as they were supposed to. A residential chimney cleaning service could have taken care of the chimneys and found what needed repairing well ahead of time. Regular maintenance services could have just as easily found any issues people living in the properties would have complained about. This of course points to definitive negligence on behalf of those selling and renting these properties.

The disgruntled owners claim that the costs of fixing all the problems have been tallied to be about 35,000 per unit.  This was figured out by a study commissioned by the owners.

Many of the buyers who had taken Jurock’s course said they trusted him and some even recommended the investment to friends and colleagues.  As such, the appearance of trouble and the costs of repair have hit them particularly hard.

Apparently, one of the condominiums in question, Crestwood Estates in Williams Lake, was sold to Jurock and his company for 4.2 million.  Later however, Jurock and partners took in approximately 8.5 million in sales of the units.

One of the problems was that a statement indicated that there were no major problems in the units.  Yet appraisals of the units were based upon the show suite.  While all the other units were supposed to be brought up to this rental standards, no units were actually brought up to the standards of the show suite.

Another issue was the fact that many of the prices for the units were based on the circular logic of the market.  Appraisers also relied on the sales of the unit to peg the condos value.  However, as many of the units were selling to members of Jurock’s class, the prices have been claimed to have been artificially high.

Approximately half of all the owners of the Williams Lake unit are seeking involvement in the class action lawsuit.  This 75 unit condo is therefore a huge subject of the investigation.

Jurock and his lawyers have said in their defense that they never represented the condos as devoid of problems, or without any need for maintenance.  Moreover, Jurock claims that many of the allegations are baseless and that they look forward to their day in court in order to show this to be the case.

Jurock and his partners also claim that many of their investors have seen profits.  The clients who invested in their Kimberley properties for instance, have apparently seen their investment go up from sixty thousand dollars to 120,000 dollars.  In Kamloops, Jurock claims that investors who bought in at 50,000 are now seeing their investments worth 120,000.

Some buyers are more apt to blame themselves for trusting Jurock instinctively without performing their own due diligence.  This is yet another reminder that buyers need to do as much research as possible when it comes to investing.

When in doubt, don’t hesitate to do your own research and get as much information as possible from a trusted real estate law firm.  While most Vancouver realtors won’t intentionally mislead their clients, it certainly does no harm to arm yourself with knowledge.

While Jurock speaks about his clean track record, the verdict remains to be seen with regards to the developments in question.

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