Legal Question in Real Estate Law in Florida

real estate investment contract

In 2005 a large RE brokerage firm offered total package - we would purchase home to be built by large local builder, the broker would get us a lease to own tenant, and manage the property. They broke down profit margin for a year. Broker backed out of their end of the deal, saying they couldn't find a tenant, and their contract was subject to ''interpretation''. We refuse to close on the home, the home is considerably overpriced now by approx. 60K or more. The construction loan is in our name.

Any recourse here? Our deposit was 5K. Now broker said they can not find listing and lease to own agreement that we signed, and builder and bank is threatening foreclosure. They only reason we got involved with this was because of the lease to own program they were offering.


Asked on 3/03/07, 11:16 am

2 Answers from Attorneys
Michael Stewart Michael D. Stewart

Re: real estate investment contract

Would need to review your contract for further details

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Answered on 3/03/07, 11:44 am
Scott R. Jay Law Offices of Scott R. Jay

Re: real estate investment contract

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

The best advice anyone can give you now is to immediately meet with a qualified real estate attorney to review the terms of your Contract and other instruments to provide you with an accurate assessment of your situation. Without reading the contract and other instruments, anyone will simply be guessing what your rights and/or remedies, if any, might be. There is a reason why people hire lawyers when they have legal problems. This is not a time to be penny wise and pound foolish.

Scott R. Jay, Esq.

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Answered on 3/04/07, 1:07 am


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