Legal Question in Real Estate Law in New Jersey

I have been asking advice from some very smart people and my attorney but I have not gotten an answer I am comfortable with - I own a succesful Autobody shop in North Jersey for 7 years now. When I took over the shop from the previous owner we made a 2 year contract for me to lease then purchase the building. I gave a deposit and a % of my rental when toward the purchase. I struggled with banks and mortgage companies that really would come on strong and then dissapear. The owner just didn't seem to upset that It was taking so long and I was busy so I just kept paying my rent. Every year he would boost up the rent to the point now I am paying double what it is worth. After years of getting to know my neighbors I found out the property is contaiminated and now realize why I would never get a mortgage. The owner has since told me he will hold the note but with ridiculous terms. I am established there and would like to stay but need to make a deal in my best interest. Years ago in the original contract after the second year the owner would get it reappraised and we would renegotiate the value. Unfortunate for him, I went and got a licensed appraisal and its $150,000 less than our agreed price. His greed didn't expect the market to tank. I have him in a tight spot now that I have looked at other shops and he knows if I leave I will take my shop license and it has 2 grandfathered in apartments and he will never be able to rent it again as a bodyshop. He has told me he will not sell it for the new price and said he will get his own appraisal. That's fine but I can't pay my ridiculous rent for a year while he milks me until he gets off his ass and does it. I don't know if I should put my rent in escrow until the deal is done or what to do. I need a lawyer to help me play hardball because the owner's ridiculously greedy. I need someone to help put this guy in his place, he acts like he's selling me the Trump plaza but it's just a run down commercial building. The location is great for me and I am in the drivers seat with the sale I just need help navigating the deal to my best interest. Any help would be appreciated as I would like this deal done ASAP


Asked on 6/13/10, 4:47 pm

1 Answer from Attorneys
Robert Davies The Davies Law Firm, P.A.

This is a buyers' market, and you have some things going for you.

Please call my office to make an appointment. This consultation will be free of charge, and I will let you know what I can do to help you.

Robert F. Davies, Esq.,

Phone: 201-820-3459, Hackensack New Jersey.

Let my secretary know you found me through LawGuru.

Disclaimer: This answer is based only on the statements you have made, and may not be accurate. Your question and any response does NOT create an attorney-client relationship between you and this law firm. You can not rely on the statements made by an attorney given over the internet. The exact facts of your situation, including facts which you have not mentioned in your question, may completely change the result for your situation.

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Answered on 6/15/10, 10:58 am


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