Legal Question in Real Estate Law in California
More details to broker arbitration issue: The agent committed acts of fraud, and pretended that he was the broker and owner of the brokerage, because he shared the same name. There are about four element, with only one possibly being covered under the listing agreement.
1. The listing was a sham listing, the agent and partner listed the property for $250k over comp values and then they manufactured a bogus purchase offer for 4150k over that value and tried to get us to pay for improvements at our expense.
2. While this was going on the broker settled a lawsuit for damages, as a result of the agent stealing lease payments. They also became aware of the fraud use of their name, but did not act on it for four months.
3. At the same time the agent set up an LLC with him as a principal, using broker as agent of purchase, and myself a few others as investors. He opened an escrow and stole the money out of escrow, with diligent or willful participation by escrow agent.
4. The broker terminated agent, after they paid for other illegal acts, returned the license to the DRE, file no complaint, advise us of nothing, and allowed us to continue with the agent under another broker. The agent actually formed another brokerage with another broker, using his name, although he was not a partner or a broker.
5. The agent ultimately did not sell the property, moved himself into house, after he lost the listing, gave 4 counterfeit checks, occupied for property for 6 months. He was eventually evicted and charged for 4 felony fraud counts and did time. I obtained a $385k restitution order. I filed a complaint with the DRE and he eventually lost his license.
6. As a result, I lost the property to foreclosure, after being forced into bankruptcy and suffered consequential damages.
1 Answer from Attorneys
Your prior question was did you have to go to arbitration to sue the broker. The facts are a little convoluted for me to understand fully without reading it more times, but it does seem that most of the actions are outside the purchase agreement so you are not bound by the illegal acts to go to arbitration, although non-binding arbitration is much cheaper than trial. what is the name of this broker and agent; I know of a similar broker up here named Delli Gatti.
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