Legal Question in Real Estate Law in North Carolina

How should I handle land developer trying to aquire my residence?

I own and operate a home daycare out of my residence and my fiance has a buisness here as well. I have had this residence for 14 and a half years. I am currently in negotionations with a land developer who is trying to buy my property. My attny is out of town and I need help asap. WE have almost came to an aggreement on price of 250,000. Their last offer wasz 225,000 but I don't think 250,000 is going to be a problem. Here is my prob. They are going to build apts. here and are saying they are applying for state financing and don't want to close for a year. They only offered 500 ernest money. Being self employed and owing on this house, I cannot get another loan until I pay this one off, so my hands would be tied until we close and $ changes hands, meanwhile they are expecting me to find something to move to. I cannot have a lapse in residences as that would cost my fiance and myself to loose all income. How should I handle this? I have got to somehow convince them to put money up front to at least cover attny fees and a down payment on another home. They are wanting me to sign a contract of sale, committing me to selling but if their financing falls through, then they can bail on the deal. I don't want to set myself up to loose


Asked on 12/01/05, 10:17 am

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

Re: How should I handle land developer trying to aquire my residence?

I wouldn't sign or do anything until your attorney comes back. First, $500.00 earnest money seems way too low to begin with. Second, why would you need to move out if they are not closing for a year? They can begin work after they close.

- Jeff

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Answered on 12/01/05, 11:53 am


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