We signed an Exclusive Right to Sell contract. We are moving
We signed an Exclusive Right to Sell contract. We are moving to Arizona in 3 days and have decided to accept a Lease with option to purchase agreement. Therefore we requested to be released from our Exclusive Right to Sell contract and agreed to pay the realtor/broker $500 for services performed to date. The real estate form sent us a Can cellation Agreement that states if we sell the home within the original contract dates of 8/5/2016 through 2/5/2017 we are still obligated to pay commission fees. In addition to that, the contract also states that if a sale is made directly or indirectly within 180 calendar days after this Contract terminates to anyone to whom the Property was shown or submitted during the term of this Contract and whose name BROKER has submitted to SELLER in writing prior to the expiration of this Contract, the Commission and Other Compensation shall be due and payable to BROKER. However, SELLER shall not be obligated to pay the Commission and Other Compensation if a valid Exclusive Right To Sell Contract is entered into during such period with another licensed real estate broker and the sale of the Property is made during such period, unless said exclusions have been added to a subsequent Exclusive Right To Sell Contract. The terms “purchase” and “sale” as used herein shall include any agreement to transfer all or a substantial part of SELLER'S interest in the Property, including a Contract for deed, a Contract for sale, a lease, a lease/option Contract, and a shared equity Contract.We don't want to pay $500 and then if the house sells within the next year we still have to pay the commission to the broker. Therefore, my question is should we should ask to terminate the original contract? The "release" they sent us only releases them and not us.Thank you,Janice
Here's my problem: When we bought our current house, we sold
Here's my problem:When we bought our current house, we sold our previous one to an unscrupulous We Buy Houses company. It was a local couple that was supposed to fix it up and then sell it as a contract for deed to a 3rd party. Our terms were 2 years with an optional 3rd. Smash cut to a tanked economy and 7 years later I get a notice from the City of Rochester that they have become aware that I have an unlicensed rental. Contact the couple, no, it's a COD and they are going to take care of it, yadayadayada. Smash cut to 5 months later and me going to the house to find that the people in residence are renting but want to buy it, can't yet due to a bankruptcy and not under a COD- company has been vague and wanted a large down payment to make it happen. Smash cut to 4 months later, evict the company and do a direct COD with the couple in residence.I was a nice guy and kept the same terms - just pay the mortgage on time, when you can refinance, do so for the pay-off. In the meantime, had to refinance that loan which lowered their payment by almost 50%. Smash cut to 3 years later (about 3 months ago) that they were going through the process to buy the house, waiting on final paperwork as of 2-3 weeks ago.When I transferred within my company, I happened to take over the route that is in that neighborhood and I have a stop across the cul de sac. I stopped by last Wed to see how the mortgage acquisition was going. Here's the fun part.She informs me that they decided to move and they are preparing to sell the house instead of staying because she took a job in Austin and they wanted a house either on the south side of Rochester or out in the country. They have been fixing up the house in preparation. She said she wanted to let me know because I would have had questions anyway once the sign went up.1) I'm pissed off because they never said anything, and probably wouldn't have, if I wasn't in the neighborhood. I ate the unpaid back payments from the We Buy Houses people because they had made their payments to the company, so I didn't deem it their responsibility. I also incurred about $1500 in legal expenses. I have never asked a dime extra beyond the mortgage payment and could have evicted them and sold the house instead of doing a Contract for Deed with them. In the conversation Wednesday, it was obvious that they had been working on this for awhile - been looking at houses to move to, contracted a realtor, had someone doing a title search.2) I don't believe they can just sell the house - contract with a realtor - which is my legal question.2a) The terms of the COD is that the eventual purchase price of the house is the payoff balance.3) the COD does allow for them assign their interest in the property and promptly furnish a copy to us (which I suppose they could do), but can they go through a regular purchase with a legal closing, etc?As a side part of the situation, my son (and grandson) have been living with us, and it would be perfect if he could take over the COD from them and get out of my house. They are in technical breach of contract as their August payment was 23 days late and the contract requires payment in a timely manner (all other payments-except maybe 1- have been on-time).Thanks!Tim
I bought a house in 2010 for my sister to live in. The
I bought a house in 2010 for my sister to live in. The mortgage is in my name and she pays me and I pay the mortgage. City of Garland says I have to register it as a rental property. Do I have to do this or is there a way around it?
This inquiry is for Attyadvisor only please. Can you please
This inquiry is for Attyadvisor only please. Can you please look over the attached draft of an installment sales contract and let me know your thoughts. I hope you don't mind I used some of the provisions you provided, please let me know if this is ok. Thank you.
My father owns a house in Arizona Pima County, but lives in
My father owns a house in Arizona Pima County, but lives in Ohio.There is a $70K principal balance owed on the Arizona property.A relative who is going to be the sole beneficiary of the Arizona house upon my fathers death, got him to sign a Beneficiary Deed. Here is my worry. Does this Deed that is held to Arizona Law, require that the house be paid in full from my fathers assets prior to the transfer to the beneficiary? In other words, is this a really sneaky way to obtain a larger portion of my fathers assets? I am fine letting the relative get the house with all current principal plus remaining debt. I am not happy with it if they receive the paid in full from my father assets. My father is still alive and he also doe snot want this to happen. So I need to figure what to do here.
Real Estate - Owners rights. I live in Hennepin County,
Real Estate - Owners rights.I live in Hennepin County, Minneapolis, MN and bought a house using a Contract for Deed. The balloon payment is due in a couple of months, for which we are in the process of obtaining a loan.We've had some pretty intense rains lately and the basement has flooded. Again. For the 3rd time.The first time it happened we had a plumber come out and check the drains. All clear. We had the city come out to make sure a water pipe had not broken. All Clear.I called the local wet basement experts and it turns out that they had been called before. They weren't sure if it was by the current owner, or the previous one. The plumber made a comment that whomever had the house before, tried to solve the problem by laying down a layer of concrete above the original floor. Pointing out the wash basin legs were about half buried into the concrete and a few other clear indicators that the floor now, was not the original floor. The plumber continued and said that the water had found the weak point in the new layer and that was were the water was, literally, fountaining out of.I'm wondering what rights and obligations I have and what rights and obligations the Contract for Deed holder has.
Party A sold Property to Party under Contract for Deed,
Party A sold Property to Party B under Contract for Deed, Seller Finance. Party B stopped making payments after 5 months, and 3 months later a deed was recorded with Party B selling to Party C. Party C claims they purchased with full cash to Party B. Amount of that sale price was very near the amount owed to Party A, but money never made it to Party A. Possible Fraud on the part of Party B? Party C claims they paid for title insurance policy, but title company has not yet admitted to Party A that such policy was issued. Recourse?
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I am representing a seller. Buyer's loan got denied due to
ForCustomer I am representing a seller. Buyer's loan got denied due to too high DTI ratio (many investment properties). Buyer is proposing owner financing. Please see attachment and let me know your thoughts and how you would advise sellers.https://dl.dropboxusercontent.com/u/28841209/Document1.pdf