I have invested with a company in Utah that charged an origionation fee for me to purchase a property in a pre-construction joint venture agreement.
I front ten percent down for the investment, the money goes into escrow, the company who finds this investment charges a fee and then the project is never built. My escrow money can be refunded and they keep my origination fee for their efforts?!
Is this legal? I am not sure if there is a law that says it is illegal, but I would love to know the Utah statuate that says I can get my origination fee back.
I have worked with this company for a long time and still do their computer networking. I have access to all their files and can see even the most sensitive data at this company. I have done my homework. My question is one of legality. . .Not a scam. Please answer MY question here, not suggest that I ask a different one like did I get scammed.
Lisa said:
Feb 03, 09 at 1:43 amThat kind of sounds like a scam. You should always do your homework when making unfamiliar real estate investments.
Wow, calm down, I was just trying to be helpful.
_Josie_ said:
Feb 05, 09 at 5:20 amHi Byron - well I sure wish I knew how to answer this for you, but unfortunatly I don’t have a clue. Good luck in finding more information out.
As you, I didn’t like the other person’s answer so I thought I’d step in as you offered and claim the points - thank you!