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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55608
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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We entered into a real estate contract to purchase vacant land.

Customer Question

We entered into a real estate contract to purchase vacant land. We recinded on it the following business day and sent a letter. It was a bank owned property and the they agreed to void the contract. We didn't know it was in a bad flood zone, they did not tell us and did not include the "notice to recind" form, as required by law, with the closing papers. They mailed back the deposit check with a bill for title insurance, warranty deed and an appraisal fee. The president of the bank actually owned and showed the property to us and said he had it appraised previously because they had foreclosed on it. We were not told he needed another appraisal ,since he was the owner, and we did not take ownership of the property , so why would we have to pay the title insurance and warranty deed? Are we obligated to pay these fees ? Also I was not present for the closing , since it was out of state, I faxed a power of attorney to them for my husband to act on my behalf , but never sent the original because we cancelled.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Richard replied 2 years ago.
Hi! My name is ***** ***** I look forward to helping you!
You don't have to pay any of these charges. Most of them are not even incurred until and unless there is an actual closing. You can let him know you have no intention of paying these costs...one, because he hasn't actually incurred most of them, and two, because even if he had, you would not be liable for them because of his failure to disclose a material item with regard to the flood plain. Also let him know, that if he pursues this or files any negative credit rating, you will not only be contesting his claim, but also filing a counter suit for defamation, fraud, and deceptive trade practices seeking actual and punitive damages. In my experience, this will end this ridiculous position he's taking.
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