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socrateaser
socrateaser, Attorney
Category: Landlord-Tenant
Satisfied Customers: 38910
Experience:  Retired (mostly)
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Sold a Commercial property "as is" in California. Seller

Customer Question

Sold a Commercial property "as is" in California. Seller leased back on a gross lease. Buyer kept $175,000 as a hold back in escrow to ensure if a future tenant wanted specific repairs to roof or structure during their future tenant buildout. The future tenant had assured the seller they would not request any improvements to be paid for. Seller was confident until buyer started demanding a new roof and other things be paid for by seller. What can we do and can we demand interest on the amount being held. The landlord tenant agreement, which was after any other agreement, stated that the tenant would have no ownership or responsibility for any structural or roof repair. What can and should be done? Can you review both contracts? I'm in California.
Submitted: 1 year ago.
Category: Landlord-Tenant
Expert:  socrateaser replied 1 year ago.

Hello...you asked:

Hello,

The contract controls the parties' respective rights and obligations. Unless the contract provides for interest on the holdback, the seller cannot demand interest.

The seller may be able to get a court to reform the contract so as to release the holdback, but, there's no way for me to analyze the possibilities without reviewing the contracts -- which I can only do outside of this forum, because you are requesting a bona fide legal service.

I will send you a premium services offer, and we can take the matter offline.

Thanks for using Justanswer.

Expert:  socrateaser replied 1 year ago.

Hello again,

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