I was going to buy a house when the day before closeing the lending company say's i can't have the loan anymore because of my layoff at work. The title company cashed the check but inorder to get my money back the guy selling the house i was going to buy has to sign in order for me to get my money. The guy will not sign unless i give him half of the money i get back. the guy aready sold his house to someone else but say's for the trouble he went through he wants half my money. What can i do?
2006-07-09 15:26:14 · 5 answers · asked by scribble_rags 2 in Politics & Government ➔ Law & Ethics
The money went for the title of the house. My lawyer did nothing he keep asking us what do we want him to do .
2006-07-09 16:54:46 · update #1
your contract to purchase should contain a clause that lets you out of deal if no financing. If you don't have it in writing though could be a problem. You can also record an original signed copy of our contract to purchase depending on what rights it gives you in contract . This will complicate his sale to anyone except you. Tell him to keep contract you Will be back for the house when you get a job All depends on what your contract says. See why you shouldn't have done this without a lawyer?
2006-07-09 15:45:46 · answer #1 · answered by frankie59 4 · 0⤊ 0⤋
IF you paid a depoist or retainer on a house when you make an offer on the property, you normally don't get any of that money back but the seller gets it because you backed out of the deal.
So you need to look at the offer you made and see what the contract says.
If you were buying a house without any written contract ( first shame on you) and merely put a deposit with the title company. If I was the person who was selling the house, I would want all of the money,not just half, so I feel he is being reasonable wanting just half.
2006-07-09 15:47:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It is difficult to give you a precise answer because your question is governed by the escrow instructions and the sales agreement for the purchase of the house. If you made an offer to purchase that was contingent upon you receive the financing, then you are probably entitled to a full refund. Legal action will probably necessary if you cannot negotiate an settlement and are unwilling to settle by giving the seller half.
Your escrow agreement or sales agreement might require arbitration. You should take both documents to a local real estate attorney to get more specific advice regarding your situation.
2006-07-09 15:43:58 · answer #3 · answered by Carl 7 · 0⤊ 0⤋
Tell the Title Company that the seller sold the house from under you to someone else and you want a refund, because the title policy is no longer in effect.
2006-07-09 15:45:06 · answer #4 · answered by The Donation Man 1 · 0⤊ 0⤋
if the amount is close to small claims max, then file in small claims naming both title company and the seller
2006-07-09 15:37:11 · answer #5 · answered by goz1111 7 · 0⤊ 0⤋