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Recent Leaseback questions
The closing was held up days past the date due to the out of
The closing was held up for several days past the date due to the out of the country seller not getting some required forms over. The Buyer has to move on the day that was scheduled since his home Buyer is closing at the same time and moving into the buyers home. Also the Buyer is unable to reschedule his mover. What can be done to let the buyer into the property he is buying without actually turning over possession until the closing is completed? Could the Seller lease the buyer the property for a week - is this a good solution??
I have a property in Burbank that the LADWP is offering a
I have a property in Burbank that the LADWP is offering a nominal amount to purchase the SubjectEasement to do an underground construction project which involves tunneling. A paragraph of the proposed contract titled "Full and Complete Settlement in Lieu of Condemnation: Waiver of Damages". It reads as follows (ver batim)"Owner and City acknowledge that this transaction is a negotiated settlement in lieu of City exercising its power of eminent domain. Owner and City further acknowledge that City is acquiring the Easement through the Subject Property set forth herein under the threat of the power of eminent domain. Owner acknowledges that City's acquisition of the Easement through the Subject Property for the XXXXXXXXX Project is a valid public use. Owner hereby acknowledges that the compensation paid to Owner through this Agreement constitutes the full and complete settlement of any and all claims against City related to City's acquisition of the Easement through the Subject Property, including but not limited to full payment of just compensation in eminent domain by reason of City's acquisition of the Easement, specifically including, but not limited to, any and all rights or claims that the Owner has, may have or may in the future have under Article 1, Section 19 of California Constitution, the Eminent Domain Law, or any other law or regulation, except as provided herein. OWNER, ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS, FURTHER KNOWINGLY AND VOLUNTARILY WAIVES AND EXPRESSLY RELEASES AND DISCHARGE CITY AND ANY AND ALL OF CITY'S EMPLOYEES, AGENTS, OFFICERS, SERVANTS, REPRESENTATIVES, CONTRACTORS, ATTORNEYS, PARTNER AGENCIES ASSIGNS, FROM LIABILITY IN REGARD TO ANY CLAIMS FOR THE ACQUISITION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY AND THE CONSTRUCTION OF THE PROJECT AS PROPOSED, TO INCLUDE THE FOLLOWING: COMPENSATION FOR THE FAIR VALUE OF THE REAL PROPERTY TAKEN, PRE-CONDEMNATION DAMAGES, DAMAGES ARISING OUT OF OR RELATED TO THE PLANNING ACTIVITIES FOR THE PROJECT, LOSS OF BUSINESS GOODWILL,RELOCATION AND DISPLACEMENT CLAIMS UNDER THE CALIFORNIA RELOCATION ASSISTANCE LAW, LOST PROFITS, LOST RENTS, BUSINESS OPERATION IMPACTS, DAMAGE TO IMPROVEMENTS OR STRUCTURES, SEVERANCE DAMAGES, ANDY IMPACT ON ACCESS RIGHTS, THE IMPACT ON CIRCULATION RIGHTS, THE VALUE OF ANY LEASEHOLD INTEREST, CLAIMS RELATED TO SIGNAGE, CLAIMS RELATED TO VIEW OR VIEWSHED, CLAIMS FOR ANY FURNITURE, FIXTURES AND EQUIPMENT, ANY RIGHT TO REPURCHASE OR LEASEBACK FROM CITY, OR RECEIVE ANY FINANCIAL GAIN SHOULD CITY DETERMINE TO SELL ANY PORTION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY, ANY RIGHT TO CHALLENGE CITY'S ADOPTION OF A RESOLUTION OF NECESSITY, ANY RIGHT TO RECEIVE ANY NOTICES PURSUANT TO CODE OF CIVIL PROCEDURE $1245.235, ANY RIGHT TO ENFORCE ANY OTHER OBLIGATION PLACED UPON CITY PURSUANT TO CODE OF CIVIL PROCEDURE $$1230.020 THROUGH 1273.050, ANY OTHER RIGHTS CONFERRED UPON OWNER PURSUANT TO CODE OF CIVIL PROCEDURE $$1245.245 AND 1263.615 AND 1263.025, AND ANY AND ALL CLAIMS FOR LITIGATION EXPENSES, ATTORNEY'S FEES, STATUTORY INTEREST AND/OR COSTS ARISING OUT OF THE ACQUISITION OF THE EASEMENT THROUGH THE SUBJECT PROPERTY AND/OR CONSTRUCTION OF THE PROJECT AS PROPOSED.Followings are my specific concerns:1. I do not know all the Codes and legal references cited in the above paragraph, how would LADWP expect to waive all the rights to all of these for a nominal purchase amount.2. If City (and LADWP) could and will invoke its Eminent Domain powers to acquire these easments, what is the reason for this voluntary purchase offering of easements? Are they getting more rights through this voluntary and negotiated process versus through the eminent domain laws?3. What options do I have at this poiint?Thanks.
I just sold my house (escrow closed yesterday, so I'm no longer
I just sold my house (escrow closed yesterday, so I'm no longer the owner). The seller is not allowed to enter a lease-back (or else face "loan fraud"). I intend to leave in about 2 weeks. However, the lender is now starting to ask questions and say they are investigating loan fraud. The buyer and I have had phone conversations while escrow was going on: evidently we were not as on-the-same-page as I thought we were, and he now claims he never intended to let me stay, whereas I told him that if I can't stay then I'm not going to agree to sell the house to you at all. But of course, it's all verbal.Now that I'm seeing inquiries about this loan fraud, I'd like to understand what bad things could happen to me if I stay there for the next two weeks. Some things that come to mind:* The lender could try to reverse/unwind the entire transaction and take my money back. Presumably there would be a lot of feeds and penalties incurred here. I have no idea how big fees like this could get (could they try to sue for some kind of damages?)* Evidently the lender intends to sell the loan on the secondary market, but can't do so unless they've confirmed I'm out. So, maybe they could sue me for some damages based on being unable to sell the loan sooner?* Anything I'm missing? Obviously I never signed a loan-fraud clause, so I know there's no crime committed by me, correct me if that's wrong.The cost of the house was $735k, to get a sense of scale of possible costs or penalties. If my worst-case-scenario is a few thousand bucks in penalties then fine, I'll take my chances (though I feel like I'm justified in staying, but I want to know what the law thinks). But if it's tens of thousands, I'd like to know the vulnerable spot here. Bear in mind I intend to vacate in about 2 weeks anyhow. Would it even make sense for the lender to take any action in light of that timeframe, or is this all likely hollow threats as a scare tactic?
My husband and I have been paying a mortgage on our home for
My husband and I have been paying a mortgage on our home for the last 18 years. The original loan (in 1996) listed list my name first because we were not married at the time and my then , significant other, didn't have any credit history whatsoever. We have refinanced 2-3 times throughout the years however the last time we refinanced (in 2003), I was operating my own business and Chase Manhattan Mortgage Corp would not put my name on the loan or the title because I did not have a regular job and my income could not be verified the normal way (even though I started the business in 1996 and up until 2003, I had always been able to pay my half of the mortgage payment and my half of our monthly bills), they still wouldn't include my name. Regardless of what the legal documents state, (Deed of Trust, etc.), for the lifetime of the loan on our house, I have always contributed 50% to this financial obligation as well as all of our other financial obligations and not only have I not received any credit for this, my name is ***** ***** on the deed to our home.We got married in 2004. We are unable to refinance right now because we both lost our jobs during the recession and both of us have been unemployed for close to two years. We are fortunate that this year my husband can retire from his union job of 27 years and he will start receiving a decent monthly pension. Unfortunately, my husband has been having some serious health problems and we are in the process of trying to put our living will and trust together but it is taking a while to do this. In the meantime, if something (God forbid) were to happen to my husband, and he died, I would lose the house because my name is ***** ***** the title/deed.We live in Contra Costa County, California, and I have gone to the county's website to look forms such as a "Quick Deed" which others have told me is the route to go because the owner (my husband) of piece of property can add someone's name (my name) to the deed of trust. Our county has no such form and when we call the clerk recorder's office, they state that they are not allowed to advise anyone as to which form needs to be filled out and they can't tell us what we need to do in order to add my name to the title of our house.We would appreciate assistance from anyone who is an expert in California real estate law. Please do not respond unless you have professional training and experience in California Real Estate Law as we previously received incorrect information from an expert that was located in another state and we wasted about 2 months of our time chasing after something that wasn't even an option for us here in California. Thank you very much
Hi. We have a signed legal contract on a house (Houston, TX)
Hi. We have a signed legal contract on a house (Houston, TX) that states a closing date on or before March 31, 2014. Our lender has completed the underwriting and our funding is in place, so it's possible to close within days. However, the seller is dragging her feet with title company and not furnishing information they need at closing. She is facing foreclosure within 60 days and we've been told that she will receive her foreclosure notice in early March. What happens to our contract if seller never responds to the title company or doesn't close by the end of contract date?
Hi. I am submitting this question to this site again. Not
Hi. I am submitting this question to this site again. Not sure if it is in work, but I need an answer ASAP. I am seeking a 2nd opinion. I am a resident of Virginia and I purchased a home in Virginia in 2013. I have a question in regard to a lease. I purchased a model home from a builder with a lease back. The "Model Home Addendum" states "(a) Lease term, Seller may lease the home from the buyer for a minimum term of 9(-) month(s) commencing upon the date of settlement and termination upon expiration of such minimum term or as otherwise provided in the lease agreement; (b) additional term. Seller may, at its option, lease the home from the buyer for an additional term of 0 (-) months commencing upon expiration of such additional term...This addendum, containing two pages is incorporated into the agreement of sale as if fully set forth therein. In the event of a conflict between the terms of the agreement of sale and this addendum, the terms of this addendum shall control...." There is no "Lease agreement" in the contract but a “Post Closing Occupancy Agreement,” which states: “Occupancy. Builder shall lease and have the right to occupy the property for a period of 9 months (the “Term”) from the date hereof [28 April 2013] provided however the in the event upon expiration of the term Builder desires to continue to occupy the property and extend the term on a month to month tenancy in accordance with the terms of this Agreement until either party terminates such tenancy by giving 30 days notice in writing, prior to the end of the month, of the party's intention to terminate the lease. The Term shall not exceed 9 months.” The Agreement further includes the following: “Termination/release. The rights of occupancy shall automatically expire on the sooner of (i) the expiration of the Term of (ii) the date on which the builder surrenders the property without any action required by the parties hereto. Nothwithstanding the foregoing, however, the parties agree to execute such instruments necessary to acknowledge the termination of this occupancy agreement.” The sales contract was signed on 28 April 2013, the addendum, indicates a settlement date of May 31, 2013, but the actual settlement occurred on 27 June 2013. I believe the lease term ends in March 2014 – nine months from the actual settlement date. I just received a letter from the Builder Today in the mail- dated 19 November 2013 - a copy of a certified letter I didn't receive. The letter says it "is to serve a formal lease termination notice. We will be vacating the property on January 15, 2014. We will prorate your January lease payment accordingly."They have provided me with only half the rent (for half a month.) I've sent them a certified letter stating that I think the lease term ends in March 2104. Since I don't expect that this will be resolved before January 15, please advise on what I should do. I am worried that they will disconnect the heat. Can I force them to maintain the utilities? Should I cash the check?
I purchased a mobile home on leased land 4 yrs ago that hasView more real estate law questions
I purchased a mobile home on leased land 4 yrs ago that has been located on same property since before 1982. A portion of my mobile home was on a leaseback in which I have been paying landowner an additional $100 a year for the leaseback located in Toledo Bend, La and owned by the SRA ( Sabine River Authority).The original leaseback property was given to landowners was for 99 years which is due to expire in 2064. It has been brought to my attention that the leaseback agreement will no longer be honored due to FERC and the new federal shoreline protection act and that this should never have been done. I am not the only one affected by this. I found out that the landowner has never paid the leaseback also. What course of action would you advise?