What doI do if our broker wrote an illegal land contract on the house we are living in?
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What doI do if our broker wrote an illegal land contract on the house we are living in?
We entered into a contract with a broker company to landcontract a home that we planned to raise our children in. After just 5 months we found out that the brokage comany’s contract with the homeowner ends 6 months before ours and that they had no business writing a contract with us that extended the length that they would have interest in the home. We have put down a sizeable down payment and also are expecting some of our monthly payment to come off the principal of the house. What rights do we have? How much of our money can we get back?
Asked on January 25, 2012 under Real Estate Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
From what you have written, it seems that the brokerage's listing agreement expired before you entered into a contract with the onwer of the property that you want to buy. The issue is whether or not the owner of the property signed the contract. If the owner of the property signed a contract with you concerning the property that you are writing about, you have a valid contract with the property's owner regardless if the listing agreement between the brokerage and the owner expired.
I suggest that you consult with a real estate attorney to review the agreements/contracts that you are writing about. If the agreement that you entered into is void or voidable, then you should be entitled to the return of all of your down payment regarding the property.
Potentially, the agreement that you are writing about that you signed may allow you to go ahead on the deal.
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