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Pauline,  in Midtown East, New York...

I told the tenant that I would sell him my nyc condo for 400k in twoyears; the deal was he would pay off

Asked by Pauline, Midtown East, New York, NY Thu Nov 1, 2007

the 230,000 mtg give me 30,000, cover the cc charges and
taxes and let me use the apt on weekends. he gave me
11,500 to cover back mtg payments. I got behind because I
became ill and stayed in Fl. now I want to back out of deal, we didn't
sign anything yet. he was paying 2,000 a month but apts in my bldg
are getting 2900 for same space. what kind of a deal can I work out
with him, he just uses apt to bring his girlfriend to during lunch and after work, he is going thru a divorce I think he won't say? I have an income that just covers
the monthly nut, will be working pt time till I get better..my son says
I'm crazy to sell it he is in real estate, I won't be able to get an
apt for $1,700 a month (what this costs) in ny. am afraid of my
tenant taking some kind of action against me.
(he was to pay balance of purchase in two payments one per year)

Help the community by answering this question:


Your situation sounds very confusing and doesn't really add up..
Your tenant has given you $11,500 already but hasn't signed anything?
How long ago did you agree to this?
Is the tenant a friend or relative of yours?
Does this tenant at least have a lease? Why would you arrange to use it on weekends, if you live in Florida? Please clarify if possible!
You definitely should consult with an attorney and also review any papers you may have signed, it is possible in some States that a verbal agreement with consideration may be binding, but I can not give any legal advice as I am not an attorney.. I could send you a list of lawyers here in Manhattan if you email me... Good Luck
1 vote Thank Flag Link Sat Nov 10, 2007
Pauline, You had NOTHING in writing and the tenant gave you $11,500 so YOU could make up your back mortgage payments??!! Did you give him a promisorry note for the $11,500? Does he currently have a lease for the condo? When is it up? How would he KNOW you were going to make-up the back payments? The deal is as scattered as your posting's information. Do you intend on giving him BACK the $11,500? This is precisely why doing anything with a FSBO is just asking for trouble!!
I would try and talk with him but you don't seem to have a clue how to conduct a real estate transaction and I fear you're going to bury yourself. You may wish to have an attorney sort this whole thing out. You've left yourself open to all sorts of litigation.
0 votes Thank Flag Link Thu Nov 1, 2007
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