Legal Question in Real Estate Law in California

Re: Property Rights

very much so but there are numbers of questions i have, if you wish to speak with me to get these issues cleared up so i can more clearly tell you what your rights are feel free to call me, 925-945-6000 --- your credit rating is now in jeopardy and could be costly to you for many years in the future

Re: Property Rights

Yes, but what it is depends upon the particulars of your transaction. For instance, did you carry-back a note and "wrap-around" deed of trust? If not, whose idea was it for the buyer not to get a new loan? Did they explain to you what the repercussions were for leaving the loan in your name? Agents have greater responsibility in siutations such as this. You need to take all the documentation to an attorney who specializes in real estate for a review and advice regarding what remedies are appropriate. We can review all your documents, etc., and advise you, if you call and make an appointment and bring the paperwork in to us; however, we are in Orange County and I do not recognize your zip code. If you are far out of the area, consult the local county bar association for a referral to a real estate attorney in your area.

Re: Property Rights

The rule is that a listing broker cannot purchase the principal's property, directly or indirectly, without fully disclosing his interest. It is even permissible for your agent to buy your property and receive a commission in the process, provided that fact is fully disclosed in advance.

Nevertheless, it's my hunch that this deal will not stand close scrutiny, and at some point or in some aspect a real-estate attorney representing you will find a failure to disclose or some other material breach of the fiduciary agent-principal relationship.

An examination of the transaction should focus on the nature of the financing and upon whose advice it was set up in this way which leaves you so exposed....such arrangement as you seem to have are not illegal per se but under your circumstances may be evidence of fraud or breach of duty.

Re: Property Rights

Selling your property to "your agent" poses a conflict of interest for the agent who is supposed to represent you. By statute, an agent can represent both buyer and seller with the written consent of both parties. However, where the agent has a direct financial interest that conflicts with yours, I suspect the conflict cannot be waived.

In addition, your name should have come off the mortgage when the title transferred. The agent's failure to do this suggests the likelihood of fraud. Normally, a buyer will obtain a new mortgage.

You should seek legal help to correct this problem. Certainly you should consider writing a letter of complaint to the agent's broker. If that doesn't work, a complaint to the Real Estate Commissioner or a lawsuit may be appropriate.