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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Experience:  Experienced real estate lawyer and real estate broker.
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I was contacted by a person who said he was a NC real estate

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I was contacted by a person who said he was a NC real estate broker and was interested in buying a property I own. He offered a cash contract and checked the box that said his offer did not depend on any other deal closing. In fact, it did depend on another deal closing and when it did not close, he remained silent until a few days before our closing date. He admitted that the other deal was not going to close until early August and wanted to know if I would finance his purchase. I did a background check and discovered that he was a mortgage broker until 2006 (responsible for the mass foreclosure?) and did not have a real estate license of any kind. I said no and he said he could close "soon" with the original cash deal and would be in touch. Closing was to be on or before July 31. Today is August 3. I sense more problems ahead and would like to terminate the contract, but it allows him a 2 week grace period beyond the closing date. Since he lied about his ability to pay, on the contract, does that affect rewarding him a 2 week grace period? Although I do not think he can come up with the cash in 2 weeks, I do think he will try to extend the contract until he can. I have had enough and want out now. I do not like liars and I suspect he will try to take advantage any way he can, in the coming weeks.
So what are my rights, in North Carolina, as a seller who has signed a contract with a buyer, who misrepresented his ability to purchase, was unconcerned about the closing date passing and expects me to wait until he can come up with the money? He also ignored my requests that he return my key.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.
The contract is voidable for fraud. By "voidable," I mean that the contract is not automatically canceled, but you do have the right to void it, or cancel it now, because it has become clear that he defrauded you and misrepresented information that led you to enter into a contract that you otherwise would not have considered entering.

Send him written notification that the "contract is hereby canceled, for cause." You need not say more than that, and I wouldn't go into detail with him because it will only lead to an argument between the two of you. If he wants to make a claim against you, let him try, because it will get him nowhere since the agreement is not an agreement it is terminated due to his fraud.

Additionally, I recommend that you report him to the NOrth Carolina regulatory authority for real estate brokers because they would want to know that he is impersonating a real estate broker. In fact, they will pursue disciplinary action against him. The fact that he was a mortgage broker, which is regulated by the same agency, and is not now, may indicate that there has already been disciplinary action against him. In any event, it will support your claim of fraud if you report him and it may well prevent other members of the public from having problems with him. You would be doing a public service.

This is how you file the complaint against him for impersonating a real estate broker.

Here is the form that you use and it says where to submit it:

http://www.ncrec.gov/forms/rec401.pdf

Good luck to you. I wish you all the best.

Please rate the answer and close out the question. Let me know if you need anything else. Thanks.
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 2682
Experience: Experienced real estate lawyer and real estate broker.
WiseOwl58 and 4 other Real Estate Law Specialists are ready to help you
Expert:  WiseOwl58 replied 1 year ago.
Dear Jane:

Thank you!

Please let me know if you have any other questions. Just put my name---Wise Owl 58--- in the first line and I will get it and respond.

All the best.
Expert:  WiseOwl58 replied 1 year ago.
Dear Jane:

Thank you!

Please let me know if you have any other questions. Just put my name---Wise Owl 58--- in the first line and I will get it and respond.

All the best.
Expert:  WiseOwl58 replied 1 year ago.
Jane:

Thank you!

Please let me know if you have any other questions. Just put my name---Wise Owl 58--- in the first line and I will get it and respond.

All the best.

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