Need Court Citations! Urgent! - Posted by Ron

Real Estate Investing Real Estate Law
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Posted by Jim IL on January 16, 2000 at 19:07:45:

Ron,
I do not have anything for you, but, would like to ask you to keep us informed as to how this turns out?
Perhaps we can all learn something from it.

Thanks,
Jim IL

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Need Court Citations! Urgent! - Posted by Ron

Posted by Ron on January 16, 2000 at 18:44:41:

I am incorporated. The majority of my deals are lease/options in which all my transactions are conducted in my company’s name. I sign off as an officer of the corporation. A tenant/buyer made a $5,000 non-refundale deposit on a home six months ago. Two contracts were signed. An “Option to Purchase Real Estate” contract showing the $5,000 option fee as non-refundable, with a closing date twelve months hence or sooner. A “Standard Real Estate Rental Agreement” was also signed giving the tenant/buyer a twelve month lease to coincide with the Option Agreement. Because of some personal financial difficulties, the tenant/buyer is now demanding a refund and wants to void the contracts. The tenant/buyer’s attorney is arguing that I (myself and/or my corporation) am not a “licensed agent”, therefore I have defrauded the tenant/buyer. I have a two year option to purchase from the seller/owner. Also my contract with the seller/owner gives me the right to sub-lease the property. My attorney is arguing correctly that I do not need to be licensed to sell my option or do a simultaneous closing. The case is being held in a small N.C. town whereas the judges and local attorneys have a “good old home boy attitude”. My attorney is not local. I am not local. They want to cook him and me! I need some court citations where we can do a memorandum of law stating that a person/corp. who has an option on a piece of property, can sell it without having to be licensed as an agent of real estate. This is very important as it could affect other investors in N.C.and you. The citations do not have to be from N.C. Some good analogies would be helpful also. Many thanks-

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Re: Need Court Citations! Urgent! - Posted by Rob FL

Posted by Rob FL on January 16, 2000 at 20:46:27:

Always remember these links:

www.alllaw.com, www.findlaw.com, www.lawguru.com

Here is the law you want: http://www.alllaw.com/state_law_search/north_carolina/

It is statute 93A-2. Look under the very first exemption to needing a license. This exempts owners and lessors from needing a license.