Parque Towers Developers, LLC v. Pilac Management, Ltd.
Pre-construction condominium purchasers sued the developer for breach after units were not substantially complete by the December 31, 2017 date stated in their purchase agreements, and also sought rescission under section 718.506(1) for allegedly overstated square footage. The Third DCA held the agreements identified only an 'estimated' substantial completion date, made time of the essence solely as to the purchasers' obligations, and thus imposed no affirmative obligation to complete by a date certain; the breach judgment was reversed. It affirmed rejection of the statutory fraud-in-the-inducement claims because the agreements' non-reliance, disclaimer, and express waiver provisions negated reliance and waived square-footage claims.
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