Legal Question in Real Estate Law in California
My broker sold a property for me. The buyer was suppose to pay a 10% down payment in two installments, a monthly payment on the 1st of every month starting Jan 2011 for 5 years, and pay what is left in full after 5 years.
My question is: I have not received the 2nd installment of the down payment nor the 1st of the monthly payments. I have tried to call my broker and left voice mails, but he won't answer my phone calls and he won't call back. What should I do?
3 Answers from Attorneys
It sounds like you sold property, and had a carry back for the balance of the purchase price. My big question to you is whether the carry back was evidenced by a written promissory note signed by the buyer, and whether that note is secured by a deed of trust or mortgage.
File a complaint with the DRE, and hire a lawyer. You have been punked.
Did the transaction go through an escrow? Obtain the records. I'll bet the broker is mixed up in this. DRE, yes, lawyer, yes, and maybe the police.
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