Do I still have a contract?

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Do I still have a contract?

I was buying a home under article of agreement..I owed $7,200 on the home when I decided to sell it to a friend. The lady I bought the house from agreed to have them start payments on the $7,200 and signed title over to them. I, in turn, did an article of agreement with my friend for the $15,500 I put into the house. They gave me a down payment of $2,300 and I deferred payments for 6 months so they could get situated. Now they are telling me since I broke the contract with the lady they owe me nothing. If my contract with the lady didn’t state that I could bring a 3rd party in to fulfill my end. Is this legal and do they still owe me?

Asked on February 9, 2012 under Real Estate Law, Pennsylvania

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you have written, you are owed the $15,500 placed into the house that you were making payments on to the prior owner where there was $7,200 owing.

The new owner owes you the $15,500 less the $2,300 and the new owner owes the prior owner the $7,200 that you owed before you sold. Whether you broke the agreement with the prior owner regarding the $7,200 is not germane to the amount owed you by the new owner.

I would write a demand letter to the new owner for the amount owed with payment by a certain time. If not paid, then you should consult with a real estate attorney.


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