Miami Condo Fiasco

Terms In Plain English

The following are the terms of entitlement described in plain English. In it, I explain the purpose of sale of link units, what a link unit is, and what your rights and obligations are as a holder of a link unit. The purpose of the sale of link units is to raise funds to pay the principal of a real estate located at 851 Brickell Ave. Miami, FL valued at $355,000.00. The total amount due will be divided into 10,000 link units at a cost of $35.50 each. Each link unit cost is equivalent to a 0.01% parcel of the $355,000.00 total. No further link units will be sold after the money has been raised.

Your Rights
As a link unit holder, you are entitled to a certificate denoting the amount paid and a hyperlink from condofiasco.com to a website of your choice. You may sell or transfer the link unit at any time to anyone. The transaction may be done directly on condofiasco.com. You may sell back your link unit to me but a transaction fee may apply. You are entitled to communicate directly with me and expect prompt return to any correspondence.

Your Obligations
As a link unit holder your only obligation is pay the $35.50 fee and provide a hyperlink. You are in no way obliged to pay property taxes, condo fees, property management fees, insurance fees, or any fee that may apply to the actual real estate that the revenue from the link units sale is intended to fund.

The ‘catch’
The original intention of this sale was to raise money and share the profits of the sale of the condo with those who contribute. That still is the intention. It turns out that the immediate ‘real’ benefit of contributing is the advertising value of the link from my website. There are SEC rules about calling these contributions ’shares’ so I will not do so. I do however, have all intentions of paying back all contributions after the unit is sold. The sale will only happen in the distant future when the market value of the unit exceeds $355,000 plus costs. When that occurs, the link unit owners will have their links removed unless they wish to keep them on the site, at a cost. That I guess is ‘the catch’.

More on ‘the catch’
People… I can’t stress this enough. $35.50 will get you a link and a receipt! Because there are SEC regulations, I CANNOT guarantee anything. Will you get your $35.50 back? I don’t know. One thing is for sure…all payments are done through Paypal. If you want a refund…then request one. All you have to do is send me the receipt back and I’ll take your link down. Simple enough.

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