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Old 04-09-2014, 08:38 PM   #1
vailpass vailpass is offline
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Yes, but their real estate agent (their friend) is saying we need to negotiate. They want to wait another year. They say the $10K was earnest money and goes to arbitration. Lawter fees come out out of the $10K.
Again: what does your signed contract say?
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Old 04-09-2014, 08:40 PM   #2
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Again: what does your signed contract say?
They have 2 years to buy or forfeit the $10K. Two years is up at the end of the month.
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Old 04-09-2014, 08:42 PM   #3
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They have 2 years to buy or forfeit the $10K. Two years is up at the end of the month.
Then what's your question?
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Old 04-09-2014, 08:51 PM   #4
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Then what's your question?
The real estate agent says its earnest money. The real estate company she works for has the money.

We are worried about them squatting, staying, tearing up the place, the friend doing something with the money etc.
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Old 04-09-2014, 08:56 PM   #5
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The real estate agent says its earnest money. The real estate company she works for has the money.

We are worried about them squatting, staying, tearing up the place, the friend doing something with the money etc.
Then you're correct in seeking counsel. Going forward, if I may suggest, you need to know your contract inside and out. We all live and learn.
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Old 04-09-2014, 08:57 PM   #6
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The real estate agent says its earnest money. The real estate company she works for has the money.

We are worried about them squatting, staying, tearing up the place, the friend doing something with the money etc.
Is your contract a Lease/ with option to buy ? If so then the down payment is considered "option consideration"

If it's a straight Lease to own then the down payment could be construed as earnest money.
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Old 04-09-2014, 09:13 PM   #7
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The real estate agent says its earnest money. The real estate company she works for has the money.

We are worried about them squatting, staying, tearing up the place, the friend doing something with the money etc.
Well yea. You haven't already looked into eviction process? They likely get 4 weeks where you can't touch them. They will rape the place in that time and leave you with a shell.
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