PHOENIX, AZ, September 07, 2012 (Press-News.org) Commercial real estate transactions can lead to either rags or riches for the parties involved. Particularly when a property is misrepresented, the buyer can be stuck with a financial mess. In a recent Arizona case, a commercial real estate company almost lost big when it was sold improperly divided property. Represented by the Phoenix firm of Israel & Gerity, PLLC, it fought back in trial and was awarded over half a million dollars in damages.
The plaintiff, All American Homes, buys parcels of land, builds custom homes on them and sells the improved property for profit. In 2006, All American Homes bought three parcels of land, one directly from the defendants in this case and two in sales arranged by the defendants. The plaintiff was told that the parcels included five separate lots that could be built upon and resold. Based on their plans to do so, the plaintiff expended significant time, effort and funds to buy, plan and develop the land, and even completed a custom home on one of the lots.
However, All American Homes later found out that the land had been divided by the defendant in violation of Arizona law and could not be developed or sold. It eventually lost the land and was unable to recoup its expenses, much less earn a profit on the land. As alleged in the complaint, the defendants had bought a large parcel of land and divided it without the subdivision report required by law. Plaintiff alleged breach of contract, negligence per se and consumer fraud, and the matter eventually went to trial. After a one-day trial, the Court awarded plaintiffs$620,000 in damages plus their full costs and attorneys' fees.
About Israel & Gerity, PLLC
The Phoenix business law firm of Israel & Gerity, PLLC offers a wide range of legal services to clients throughout Arizona. In addition to breach of contract and real estate disputes, the firm's business law practice encompasses business formation, corporate disputes including construction defects and intellectual property. Israel & Gerity also practices personal injury law and fights for the rights of injury victims in cases involving motor vehicle accidents, medical malpractice, premises liability and construction accidents.
Founding partners Kyle A. Israel and Michael E. Gerity each bring more than 15 years of experience to their work on behalf of clients facing a wide range of challenges and disputes. Israel and Gerity have practiced in large firms and pride themselves on providing a high level of personal service to their clients in personal injury and business law matters.
If you are involved in a commercial or real estate dispute, a committed business law attorney can help protect your interests and advise you regarding the best course of action. To contact the proven, versatile attorneys of Israel & Gerity, PLLC, please call (602) 639-4696 or learn more about the firm's practice at http://www.ig-law.com.
Israel & Gerity, PLLC, Secures $620,000 Verdict for Breach of Contract
Israel & Gerity, PLLC, secures $620,000 verdict for breach of contract.
2012-09-07
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[Press-News.org] Israel & Gerity, PLLC, Secures $620,000 Verdict for Breach of ContractIsrael & Gerity, PLLC, secures $620,000 verdict for breach of contract.