L/O seller trying to back out. Legal? - Posted by bill m.

Posted by darklaw on March 08, 2000 at 14:51:30:

Hi

Could you explain what a preformance mortgage is?

L/O seller trying to back out. Legal? - Posted by bill m.

Posted by bill m. on March 07, 2000 at 15:05:35:

I am using Ron Legrande’s contract to obligate seller so I can L/O to my tenant buyer. It’s Ron’s contract, not his L/O agreement. Seller now wants to back out of deal after signing. Before I start racking up attorney fees anybody got any experience on this end. I’ve L/O already for $20k more than his balance of $120k and $200 a month cash flow. My tenant buyer was to move in Apr.1 and has already started making those arrangements. They’ve taken an offer on their house they own to sell. Thanks for input!

Bill M.

Re: L/O seller trying to back out. Legal? - Posted by William Bronchick

Posted by William Bronchick on March 07, 2000 at 19:25:00:

If he is going to back out, he is in breach of contract, but you will need to hire an attorney to enforce it. However, recording the agreement will cloud the title and prevent him from selling to someone else. If you have a lease, you are entitled to possession, so he can do nothing to prevent your subtenant from taking possession.

I recommed using a preformance mortgage to prevent sellers from “weasaling” out; I suggest you do the same from now on.