Question Details

Mani, Home Buyer in florida oscela

Can I hold a broker on his promise ?

Asked by Mani, florida oscela Fri Apr 11, 2008

I bought a property thru a broker and he gave me a written assurance on his company letter head paper that he will lease it back for 2 years.

Subseqently he signed for a one year guranteed lease back initially but then after 3 months rescinded the contract saying market conditions make it impossible.

My question is can I hold the broker to his promise to take the builder to the court based on the brokers promise ?

If so please give me the name of 2 good lawyers.

Thank you

MANI

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Answers

2
Consult a lawyer. In the interim, read the entire agreement regarding the guaranteed lease back. For example, are there "weasel clauses" that allow him to rescind the contract under certain conditions?

Also, it sounds as if there may be two written agreements: "a written assurance on his company letter head paper that he will lease it back for 2 years" and "a one year guaranteed lease back." A lawyer can tell you which would be recognized in court: the initial 2-year written assurance which may have been the factor that caused you to purchase, or the subsequent 1-year lease which, if you signed, might take precedence over the earlier assurance.

In your third paragraph, you refer to taking "the builder" to court. Again, I'm not a lawyer, so check with a lawyer. But your contract is with whoever signed the lease back guarantee. If the broker guaranteed the leaseback, then your recourse is with the broker. It'd be up to the broker (on his own) to deal with the builder. Whether the broker would be successful really wouldn't be germain (except that, of course, the broker might need to successfully sue the builder in order to pay you the money you may be owed).

A couple of years ago, I heard all these pitches for pre-construction properties in Florida and Las Vegas, with the guaranteed leases. I wondered what the status of those were today. I guess your experience is an indication of what's happened.

As for good lawyers, I don't know Florida so unfortunately I can't help. But contact your county bar association and ask for referrals. Make sure it's a real estate lawyer. And request one who represents buyers, not builders. Often, the bar association will provide 3 referrals. That'll provide a good start.

Hope that helps.
0 votes Thank Flag Link Fri Apr 11, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Mani:
You should be correct. Just re-read the entire contract and agreement before pursuing it further. Use an attorney.
0 votes Thank Flag Link Fri Apr 11, 2008
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