Legal Question in Real Estate Law in North Carolina

Land Investment Concerns Due to Developer Modifications

I purchased (2) 1 acre lots in a gated,

very high-end community near Lake

Lure, NC. Homes will be built at $600K

and up. Lots have sold for $800,000.

One of the lots has a very steep slope

and the developer made the slope

worse when they installed the road,

thus altering my property and making

it impossible (or very costly) to build

high enough to have a lake view. The

lot was sold and presented as having

lake views, which it may not any

longer as a result of the road

alterations. Was this legal?

My questions are:

1) Can I demand that the developer

buy the lot back at my cost, plus

expenses, HOA, taxes, etc. ?

2) Can I demand that the developer

allow me to purchase a comparable lot

in another Phase for a comparable

discount than the original? I got in

ground floor/pre-public offering.

3) Should I contact the bank and tell

them to relieve me of the liability? If

so, what about my 10% deposit? No

mortgage payments yet, but I have

paid HOA dues ($1,500) and taxes

($1,000) for the first year.

4) When do I get an attorney involved

if the developer is not cooperative?

Thanks much,

Thrak

1 Answer from Attorneys

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