Legal Question in Real Estate Law in Nevada

lawsuits proceeds

we entered into a lease w/purchase agreement for a house. in the agreement we negotiated to divide a pending lawsuit 50/50. upon purchasing the property the other party couldn't afford the agreed upon terms. we then agreed to change the pending settlement division to 25/75 with the agreement that each party pays thier own closing costs. the other party arrived at closing empty handed. we paid all closing costs. is that 2nd agreement now void? can we revert back to the original 50/50 agreement?


Asked on 3/19/07, 8:46 pm

1 Answer from Attorneys
Jeffrey Cogan Jeffrey A. Cogan, Esq., Ltd.

Re: lawsuits proceeds

you will probably need a third agreement unless you are willing to say your paying the closing costs was a loan to the other side and they just have to pay back the closing costs. You might be able to say the other side should get nothing due to a material default.

If you are unable to resolve it by negotiation, you should hire an attorney.

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Answered on 3/20/07, 11:47 am


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