Legal Question in Real Estate Law in District of Columbia
Buyer versus assigner who has the right
Does a buyer excepting the demands of homeowner at closing telling him to increase his purchase price of 170,000 to 187,000 at the closing table or he walks from the deal void his right to pay me in full the $20,000 assignment fee of a purchase contract I assigned to him for the $170,000 dollars. The assignment contract he sign with me said I am to be paid at settlement. Am I legally binded to make up the back difference of the purchase price and What can I do to protect myself from the buyer getting funky with my assignment fee. The increase came from unforeseeen closing costs and liens the homeowner had on the property of 20,000 more than the purchase price.
1 Answer from Attorneys
Re: Buyer versus assigner who has the right
Without actually seeing the assignment contract,I
would not venture any certain answers to your questions.
I would assume, however, that the provision in the assignment contract which says that you are to be paid a fee at settlement, probably conditions that on something which you haven't mentioned.
Given the fact scenario which you have presented, I, also, fail to see how the buyer could be held in any way to a contract which has failed to disclose properly the costs of hidden liens and unforeseen closing costs. And, if he's not required to honor the original sales contract, chances are he can, also, walk away from your assignment contract with impunity.
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