Property purchase falling through.. BIG LEAN!

[Bob_Skurka]

I'm NOT a lawyer, but I have them on staff.

I would amend a few things. First, you say she will return the money in 30 days, but don't give the actual date. I would do that.

Second, and this is the biggie, there is no penalty if she does not give the money back! A standard legal contract would have a penalty clause that begins to charge interest on XX day of month, year.

Further, another standard clause that is missing is the collection fee clause that says if she doesn't return you money she agrees to pay reasonable collection fees.

Finally, there is no clause that determines jurisdiction, although that is probably legally irrelevant because I presume both parties live in the same county, but if she lives somewhere else, then she could fight it in another county or even another state and force you to travel to fight her in HER court rather than in your LOCAL court.

As it is now, if she doesn't pay you then you really have no recourse other than to sue her and then you won't even collect interest or legal fees unless you get a judge that is very sympathetic to you. And you are trying to take advantage of a widow . . . or at least that is what her lawyer will say in her defense.

 

[BotaGuy]

Since you have a R.E. lawyer already, why don't you have him write it up and collect the funds. I would not give 30 days for dispersal of funds. Get the money back within 10 days or less. Also, if they failed to abide by the original agreement, that agreement would be null and void anyway.

 

[bgott]

You just gave her $1000. /forums/images/graemlins/frown.gif If she's really nice, or senile, you might get your money back. Next time use a title company and put the money in escrow.

 

[r0GuE]

She signed the release. I think she will give it back. If she doesn't I could sue her. I don't think it will come to that. We are neighbors and she is an ok woman.

Thanks for all the legal advice though!!! Never fails to amaze me the combined knowledge of the TBN crew! /forums/images/graemlins/smile.gif

 

[txdon]

Those pesky leins just seem to pop up. On my property someone from New York had a 60K lein on it. (Thank you title company for finding that!) The land owner that owed the money sold the land to his brother by "quick title" and his brother was trying to sell it to me without dealing with the lein. When I found out they told me I could back out of the deal but I hung in. The brothers paid off the lein, (for a lot less than 60K) and about 5 months later the land was ours. It was stressful but it worked out very well. Hope your land fiasco works out for you.

 

[r0GuE]

I was just thinking, that since that $1000 was given for the purchase of the property, if she doesn't return it, I can file a lean on the property (maybe)!!! /forums/images/graemlins/grin.gif

 

[r0GuE]

Got the 1k today! What a relief. Now the only concern is how much I owe my lawyer. He said the title search was a bear so who known how much I might owe. /forums/images/graemlins/confused.gif

 

[r0GuE]

OUCH!!!
$600 for the title search. He said it was a tough one digging back 45 years to find the source of the lean.
Lesson learned. /forums/images/graemlins/frown.gif