High-rise condos are one of the hottest parts of the real estate market in Las Vegas. A lot of people have bought in. But some are finding that what they thought was an agreement to purchase is not.

Bruce Curcio said, "I signed what I believed to be the purchase price in the purchase agreement."

When Bruce Curcio signed on the dotted line for a new condo at Vegas Grand, he thought he was signing a contract. But now he and several other hundred people are part of a class action lawsuit against the developer.

The reason is Florida-based Del American canceled all the reservation agreements that potential buyers like Bruce signed. And if they wanted back in they'd now have to pay close to double the original price. But potential buyers say that's not what they were promised.

Cindy Emanuel said, "They kept saying this is the locked in price. No matter what, this will be the price set in. There will be no higher prices."

Craig Anderson, with Marquis & Aurbach, says, "The wording in the reservation agreement states the purchaser could get out of the contract for any reason. The seller, Vegas Grand, could only get out if they decided not to go forward with the project. But they are going forward with the project so they have no right to get out of it."

As more and more high-rise projects break ground in the valley, real estate attorney John McMillan says potential buyers need to read the fine print and understand that there is a difference between a contract and a reservation agreement.

"A reservation -- depending on how it's written -- will simply say it's non-binding. I'm simply putting up a small amount of money to reserve an opportunity to buy the condo at a point in the future. It will also say you have the right to back out at any time or get your deposit back," McMillan stated.

For people like Bruce who have the option to get their deposit back from Vegas Grand, it's not about the money. "I bought it to live in -- not to flip it, not to make a profit. I bought it to live in."

The attorneys who filed the suit say so far developer Del American hasn't responded to the suit.