Legal Question in Real Estate Law in Florida

My deceased mother signed a 15 year contract for the city to do work on her house in 2006 which entailed her effectually agreeing that as long as she kept the home as her primary residence for the next 15 years there would be no cost to her. There is a clause in the contract that states that in the event of her death one of her surviving children could assume the "loan" ($40,000 in 2006) as long as they met the salary requirements. If they are above the salary cap, they would have to "purchase" the home. Unfortunately my salary is a little above the cap and now they want me to buy the home. That wouldn't be a problem, but they want me to buy the home for the same cost we paid for the home in the initial purchase ($40,000) basically wanting me to buy the house again. The problem I have is that the home is no longer worth what was paid originally. According to the city, the price is non-negotiable and the real estate market pricing does not affect the cost in the contract. I thought that you could not sell a home for more that the "Fair Market Value". Is there something that I can do legally to dispute the fact that what they want for the home is not a fair price?

Asked on 3/07/13, 4:12 am

Barry Stein De Cardenas, Freixas, Stein & Zachary

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0 attorneys agreed

You need an attorney to review the actually contract. Your summary is insufficient to give an intelligent opinion.

Answered on 3/07/13, 9:15 am

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