Posted by Tom-FL on September 14, 2004 at 23:30:27:
Ummmmmmmmmmmm
Seems to me you don’t have a real estate contract. You have a business contract.
Even at that, if there were a statute of limitations, it would be state specific.
I remember hearing that one of the things a contract must have in order to be enforceable is a specific term. If I agree to mow your lawn and you agree to pay me twenty dollars for that, the contract must say I will mow by Friday 9-17-04 and you will pay by Friday 9-24-04. In other words, I don’t have infinity to mow the lawn and you don’t have infinity to pay me.
This is probably an expensive lesson on my part BUT I will go ahead and post anyways to see if I have any recourse.
Back in 3/00 I met a person who I entered into an agreement to purchase a multi unit complex. It was a rehab project. He was going to flip the property to me. I gave him 18K. Everything seemed legit. An Escrow company was involved, loan officer…The property fell out of escrow. My credit score was not high enough for a loan of this magnitude.
I should have asked for my money back right then and there but I did not. The person promised that we would get into another property. 4 years later…no property…no money back.
Person seems to be a nice person who can not deliver. Is my statute of limitations expired? Do I have legal recourse or I am done.
Feel free to call me an idiot. I was a newbie then…I am a scarred newbie now