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What to Do?
1 vote
December 1, 2008, in Legal

My boyfriend and I are looking at a house. We found one that is great and made a lot of mistakes by diving head first into something we didn't know anything about. The realitor for the sellers said that she would act like a mutual realitor for both of us. She had my boyfriend sign papers under false pretenses and now that we are having second thoughts she says if we pull out of the deal that we are going to have to pay $500. I was just wondering if she can do this and if there is anything we can to save our money? Any information will help.

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Answers

0 votes
Rick Hernandez    December 30, 2008

You can't simply back out of a deal unless you can show misrepresntation on the part of the Selling agent. I think you should review your paperwork closely, speak to a broker in charge at the realtors office and lastly conslult an attorney.

Keep in mind that if you made an offer and you simply change your mind than you can lose your earnest deposit. This is intended to protect the sellers.

If you feel the need to renogitate the offer its best to get all parited together in the same room now. I mean you, the realtor and the sellers.

Good luck!

Rick Hernandez
www.bestiowahomes.com
rick@bestiowahomes.com

0 votes
Joel Owens    January 30, 2009

It sounds like you had a Broker/Agent doing DUAL AGENCY where they represent the buyer and the seller to earn both sides of the commission. In most state buyers have there "right to there own inquiry" meaning any part of the contract you don't understand you have to investigate first before signing.

What that broker/agent is saying is if you want to back out they will keep the 500.00.

In some states dual agency is illegal and in some it is legal.

The seller is paying the commission so usually a buyer broker is FREE for you to use.

You might be able to get out of the contract under another contingency and keep your earnest money.Just fight the sellers and agent tooth and nail for the deposit and they might cave in and return it to you.

no legal advice



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