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 Real estate

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PostPosted: Fri May 06, 2011 7:11 am Reply with quoteBack to top

I have heard we have people here who are experience in the law.

I have a question, the whole deal sounds like a scam

Guy I know ignored mine and other advice on a real estate deal. The basics of the deal was a person signed a written contract, that said he would pay 100.00 a month till the land was paid off. There was a clause that if he missed 3 payments the deal was off.

He paid more than 100.00 sometimes, but he did miss some payments, still he paid the land off ahead of schedule. The guy finally asked (after a few months) the seller about completing the deal. He got a response saying that even though the land is paid in full the deal is off, and the seller is keeping the money. .

It sounds like a scam. My opinion is.

One the person had paid more than 100.00 many times ( 200, 500, 1000 ) so this would be considered a payment in advance, so he never lapse in payments. The contract never really addressed this.

He did not return the final payment saying the deal is off. The final payment was the end of the obligations of the purchaser.

Are their any experts here willing to give an opinion on is this a scam.

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Morgain Le Fay
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PostPosted: Wed Jun 01, 2011 4:38 pm Reply with quoteBack to top

Sorry I missed this thread. I am a former real estate agent and also a former paralegal. If ALL the terms of the contract are not completed as specified in the borders (the contract), the deal can be said to not have been completed and in some cases the Seller can keep the money.

Having said that, I would need to see the contract (and know what state the contract is subject to) to see how it was specifically written. One thing in the Buyer's favor is that he paid the land off ahead of time. This should suffice UNLESS the contract stipulated a clause about early payoff.

Basically real estate sales are the same in all states; however, some states have some quirky laws.

IMHO, the Seller is being a........er....."prick". Embarassed for using the term!

If you can secure a copy of the contract with the principles names (and other identifying information) blacked out, I would be glad to take a look at it. Just PM me or hit email by my PM button

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