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Old 04-09-2014, 09:20 PM  
BigRedChief BigRedChief is offline
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Anyone know a real estate lawyer?

Got a house with a lease to own contract. They don't buy by the end of the month we get the $10K. They want to make a new deal. We have a contract.

Need to consult with a real estate lawyer to figure out the best path. Anyone know someone?
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Old 04-09-2014, 09:56 PM   #16
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Originally Posted by BigRedChief View Post
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, 09:57 PM   #17
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Originally Posted by BigRedChief View Post
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, 10:00 PM   #18
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They've normally put down the down payment up front so he should already have possession of the money. I label it as "option consideration" which becomes nonrefundable rent in the event they don't exercise their option to purchase the property.
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Old 04-09-2014, 10:04 PM   #19
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Old 04-09-2014, 10:06 PM   #20
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Vested Interest is what it is called and you better negotiate or you can spend more money litigating this contract then it is worth
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Old 04-09-2014, 10:11 PM   #21
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I know an estate lawyer, but he seems fake to me.
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Old 04-09-2014, 10:13 PM   #22
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Quote:
Originally Posted by BigRedChief View Post
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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Old 04-09-2014, 10:45 PM   #23
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I'm a Realtor in Utah, I sent you an email offering up the best insight I could working with generalizations and no contract in hand, hopefully you find something useful in it.
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Old 04-09-2014, 10:46 PM   #24
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Good luck with the situation, hopefully they don't lose their head and do something stupid, that is a decidedly bad to worse scenario.
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Old 04-09-2014, 11:00 PM   #25
BigRedChief BigRedChief is offline
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Good luck with the situation, hopefully they don't lose their head and do something stupid, that is a decidedly bad to worse scenario.
We found them a private investor that offered them a deal to pay $200 more than they pay in rent and they own the place. They turned it down. I don't see how they are going to get a better deal.

When they initially moved in, they put in granite, had the wood floors redone and some landscaping work done. Supposedly spent $10K to improve the place.
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Old 04-09-2014, 11:48 PM   #26
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You're screwed. If a real estate company is holding the earnest money, and they (the buyers) don't agree to release it to you, then that money will end up going to the state in a year. Neither of you will get it, if both parties don't agree about where the money is going.

Lesson learned for next time: Don't ever agree to something like this unless it is in the contract that you hold the deposit money and that it is completely non-refundable.
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Old 04-09-2014, 11:59 PM   #27
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Originally Posted by doomy3 View Post
You're screwed. If a real estate company is holding the earnest money, and they (the buyers) don't agree to release it to you, then that money will end up going to the state in a year. Neither of you will get it, if both parties don't agree about where the money is going.

Lesson learned for next time: Don't ever agree to something like this unless it is in the contract that you hold the deposit money and that it is completely non-refundable.
This isn't necessarily true in Utah, I don't know what Kansas law is in this setting though. In Utah you would need buyers signatures to release funds if the money was held at a title company, but if it was held at a brokerage it would be a conversation between brokers. If the buyers broker (the agents boss) after reading contract came to the conclusion that his clients were the party in breech he/she could release the money without signatures from the buyers.
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Old 04-10-2014, 06:29 AM   #28
BigRedChief BigRedChief is offline
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Originally Posted by doomy3 View Post
You're screwed. If a real estate company is holding the earnest money, and they (the buyers) don't agree to release it to you, then that money will end up going to the state in a year. Neither of you will get it, if both parties don't agree about where the money is going.
The money is with a title company.
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Old 04-10-2014, 10:18 AM   #29
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If your contract doesn't say "non-refundable option consideration" you're not going to get to keep it.

If you renegotiate, make sure you change that terminology. If your payment has gone up can you refinance and bring it down? I'm a mortgage banker, so I am in this industry.

If you need good counsel call up a few of the best realtors in the area and ask them who they use. You'll get good names from them.
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Old 04-10-2014, 11:00 AM   #30
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This isn't necessarily true in Utah, I don't know what Kansas law is in this setting though. In Utah you would need buyers signatures to release funds if the money was held at a title company, but if it was held at a brokerage it would be a conversation between brokers. If the buyers broker (the agents boss) after reading contract came to the conclusion that his clients were the party in breech he/she could release the money without signatures from the buyers.
That isn't the way it is in MO or KS. Both parties have to agree before EMD is released to either party. Furthermore, my guess is that BRC thought it would be a good idea to do this on his own without his own agents, brokers or lawyers involved, which is why he is asking a BB for advice on this.
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