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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 34863
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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you are selling real property and receive an offer sheet for

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you are selling real property and receive an offer sheet for $30,000 plus closing cost and $1000.00 ernist money. (the property is joint tenants) You sell the property to a relative for $25,000.00. And you have not declined the first offer, what legally can happen to you?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.
Hello.

I'm assuming you are the listing agent in this transaction. If not, then feel free to clarify, and I'll adjust my answer accordingly.

If you are the agent of the 1st tenant or all joint tenants, and the tenant(s) is/are satisfied with the $25,000 offer, then you have not breached your fiduciary duty or duty of loyalty to the seller(s) by accepting lower offer. You have no legal obligation to a prospective buyer, unless you are engaged in a dual agency -- in which case, your obligation is to present the offer to the seller. It's the seller's right to accept or reject, or do nothing. If the seller did nothing, and you sold to a lower bidder, then that's the buyer's tough luck.

Please let me know if I can be of further assistance.
Customer: replied 1 year ago.
We are the 2nd tenat listed on the property. The 1st tenant is the sister in law. We are using the same agent at the reality company though. We feel the agent is serving the 1st tenant needs more than ours and is holding back imformation.
Expert:  socrateaser replied 1 year ago.
I'm slightly confused. Are you the tenant who wants to sell the property for $25,000?
Customer: replied 1 year ago.
No the sister in law 1st tenant told the agent that she felt the lot should not go for more than $25,000. We (as the 2nd tenant have a offer sheet for $30,000.00 plus closing costs. But the sister in law doesn't want to sell to the $30,000 offer and what her son to only pay $25,000. We feel that since to proceeds from that lot will go to us that we should either take the $30,000 offer or have the sister in laws match that offer. But the sister in law does not think he should pay more than the $25,000. But we do. She is setting the price on the house and lot that she will receive the proceeds from at $155,000.00 and we have no say in that.
Expert:  socrateaser replied 1 year ago.
Okay, thanks.

First, the property cannot be sold without the signature of each joint tenants on the purchase offer and on the deed. So, if you don't want to sell for $25,000, then don't sign. It's really just that simple.

If the agent is trying to convince you to sell for $25,000, when there is a bona fide $30,000 offer, then that is a breach of loyalty, and you can sue the agent, and complain to the real estate licensing commission.

The other tenant can sell her interest in the property, at which point the joint tenancy would be severed and you would be a tenant in common with whomever the other tenant sells her interest.

You or the other tenant could sue for "partition," which would cause a forced sale of the entire property. But, the lawsuit would cost more than the entire value of the property, so that would be a total waste of money for everyone.

BotXXXXX XXXXXne, just tell the other tenant that you want the highest and best offer available, and if she doesn't agree, then the property will not sell.

Then wait and see what happens. Maybe the other tenant will "cave in" and give you the $30,000.

Hope this helps.
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 34863
Experience: Attorney and Real Estate broker -- Retired (mostly)
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socrateaser
socrateaser
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Attorney and Real Estate broker -- Retired (mostly)