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Topic Review (Newest First)

  • 02-12-2012, 12:49 AM
    Justinss
    In the listing for the house it says Fee Simple. My mind is blown that the seller would want to pull this dick move just so they wouldn't have to pay $2000 to end the ground rent. Settlement was supposed to be on the 15th. We bought all new furniture, washer and dryer, kitchen appliances and now I have to find a place to store this stuff till we find another house.
  • 02-11-2012, 11:48 PM
    Aaron
    I'm not exactly sure what you're asking. If the GR Capitalization is around 2k, you're probably dealing with a property assessed around 200K? At that point, is it worth squabbling about a ground rent that is probably $200/year? If so, I would walk. Also, which property interest is specified in the contract? GR of FS? Is FS, you should probably be able to break contract easily.

    Consult with an attorney for specific ramifications.
  • 02-11-2012, 10:09 PM
    AutoAdrenaline
    message itsthateasy on here, thats his game
  • 02-11-2012, 09:50 PM
    prs
    Unless you have significant damages that you can claim, walk. He can't deliver the property as fee simple
  • 02-11-2012, 09:01 PM
    Justinss

    Need some real estate legal advice

    1) The property was misrepresented as transferring ownership as fee simple
    when in fact it is a Leasehold property (Ground Rent)

    2) The seller agreed to do all of the requested repairs.

    It is my belief that once the Listing Agent informed the seller of the
    misrepresentation, the seller, realizing that he could be forced to redeem
    the ground rent (approximately $2000.00) decided that by not cooperating
    with the lender and refusing to provide the documents required for my
    loan approval, that I would be forced to ask for a release from the
    contract because of the inability to obtain financing. This will allow the
    seller to re-list the property as Ground Rent with no consequences for the
    misrepresentation.

    What are my options at this point? Just walk away? Get an Attorney?

    Any help or opinions would be appretiated.

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