Lawsuit Against Park Square Homes

Park Square Homes is a homebuilding company headquartered in Orlando, Florida. In 2008, a group of homebuyers filed a class-action lawsuit against Park Square Homes, alleging that the company violated the Interstate Land Sales Full Disclosure Act (ILSA). The plaintiffs claimed that Park Square Homes failed to provide them with all of the information required by ILSA before they signed their purchase contracts.

Specifically, the plaintiffs alleged that Park Square Homes failed to disclose the following information:

  • The fact that the company was not exempt from ILSA, even though it claimed to be.
  • The fact that the company had a history of failing to complete projects on time and on budget.
  • The fact that the company had been the subject of numerous complaints by homeowners.

As a result of these alleged violations, the plaintiffs claimed that they suffered significant financial losses. They sought damages in the amount of $52 million, as well as class-action status for their lawsuit.

The lawsuit was eventually settled in 2010 for an undisclosed amount. However, the settlement did not include any admission of wrongdoing by Park Square Homes.

FAQs:

Q: What is the Interstate Land Sales Full Disclosure Act (ILSA)?

A: ILSA is a federal law that requires developers of certain types of land sales to provide buyers with certain information before they sign purchase contracts. This information includes the developer’s identity, financial condition, and track record, as well as information about the property itself.

Q: Why did the homebuyers sue Park Square Homes?

A: The homebuyers sued Park Square Homes for allegedly violating ILSA by failing to provide them with all of the information required by law before they signed their purchase contracts.

Q: What was the outcome of the lawsuit?

A: The lawsuit was eventually settled in 2010 for an undisclosed amount. However, the settlement did not include any admission of wrongdoing by Park Square Homes.

Q: Are there any other lawsuits pending against Park Square Homes?

A: I am not aware of any other lawsuits pending against Park Square Homes as of October 2023.

Q: What should I do if I am considering buying a home from Park Square Homes?

A: If you are considering buying a home from Park Square Homes, I recommend that you do your research and carefully review the purchase contract before signing it. You may also want to consult with an attorney to discuss your rights and options.

Q: Is Park Square Homes a reputable homebuilder?

A: Park Square Homes has a mixed reputation. The company has been the subject of numerous complaints by homeowners, but it has also built many successful communities. It is important to do your own research and weigh the pros and cons before deciding whether or not to buy a home from Park Square Homes.

Conclusion

Park Square Homes is a homebuilding company with a mixed reputation. The company has been the subject of numerous complaints by homeowners, but it has also built many successful communities. If you are considering buying a home from Park Square Homes, it is important to do your research and carefully review the purchase contract before signing it. You may also want to consult with an attorney to discuss your rights and options.

References:

  • Orlando Business Journal: Buyers seek $52 million, class-action status for suit vs. Park Square Homes: https://www.bizjournals.com/orlando/stories/2008/03/31/story5.html
  • Casetext: Rambaran v. Park Square Enterprises, Inc., Case No. 6:08-cv-247-Orl-19GJK: https://casetext.com/case/rambaran-v-park-square-enterprises

 

We will be happy to hear your thoughts

Leave a reply

Lawyd is for people actively seeking legal information or advice and connects them with qualified attorneys or law firms. Get the best Law, Lawyer and Legal Resource. Lawyd.com doesn't offer any legal advice. The info PROVIDED ON THIS SITE is solely for individual education & understanding of the legal issues involved and shouldn't be considered as legal advise. Don't rely upon or act on the said info without taking pro legal advice relating to your own particular situation. You must consult with your own legal counsel for guidance on the application of this info to your own specific case. The site owner/content writers or anyone associated with this site isn't responsible for any errors or omissions in the contents.
Lawyd
Logo