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The Water Cooler
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Can Anyone Recommend a Good Attorney?
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<blockquote data-quote="Ahall" data-source="post: 3767148" data-attributes="member: 49426"><p>The advice to document all claims made by the buyer is good, but assume they will do the same to you as well.</p><p>Also assume all postings you ever made on any topic will come up in court.</p><p></p><p></p><p>Law suites are EXPENSIVE. </p><p></p><p>Read through your contract. If and when they fail to honor it, then get legal advice and decide how to move forward.</p><p></p><p>Look at it as a business consideration, keep your emotions out of it.</p><p>You know what was disclosed and the accuracy of the disclosure, so you know the factual strength of the claim that will potentially be made.</p><p>You also know what you have beyond your testimony to back that up.</p><p>An attorney can advise you of what the contract language means and what the risks are.</p><p>They can also advise you of what your expenses are likely to be and what avenues are open to you.</p><p></p><p></p><p>An accountant can advise you of the tax implications of releasing the lean without being paid.</p><p>Good chance you can report a loss and offset some income.</p><p>Good chance you can report the "forgiven debt" to the IRS and increase the buyers tax burden.</p><p>Depending on the size of the note, the tax burden might be a real negative to the buyer that they have not considered.</p><p></p><p></p><p>At that point you can do the math and see what makes sense.</p><p>Also consider how the math works for them and an attorney representing them.</p><p>Law firms are for profit businesses. </p><p>Is there any money for them in this if they work on commission and can the buyer afford to push it on their own?</p><p></p><p></p><p></p><p>If you think that you can and will have to repossess and resell the property, then get the dead beat out before they damage the collateral on your note.</p><p>If you think a filing on their part is not a bluff, should you strike first?</p><p></p><p></p><p></p><p>A few other thoughts.</p><p></p><p>Lending intuitions usually do things to protect their collateral.</p><p>Many closing agreements include some kind of third party warranty for a limited period of time.</p><p>Check the closing documents. If they do, the buyer should file a claim before coming after you.</p><p></p><p>Some lenders require inspections and most contracts allow for them prior to closure. Did they have the place professionally inspected?</p><p>Many states have a punch list of what is inspected during a home inspection.</p><p>If they did and a claimed issue was not reported on inspection, but should have been, that's another potential defendant to share the financial burden, and they will probably have a professional E&O policy that will kick in if the amount of money is big enough.</p><p>If they did not inspect the property, well shame on them. </p><p></p><p>The last time I bought or sold property the sellers disclosures were a standard check list. </p><p>Are the claimed issues outside the checklist? I expect that will affect the validity of the claims.</p></blockquote><p></p>
[QUOTE="Ahall, post: 3767148, member: 49426"] The advice to document all claims made by the buyer is good, but assume they will do the same to you as well. Also assume all postings you ever made on any topic will come up in court. Law suites are EXPENSIVE. Read through your contract. If and when they fail to honor it, then get legal advice and decide how to move forward. Look at it as a business consideration, keep your emotions out of it. You know what was disclosed and the accuracy of the disclosure, so you know the factual strength of the claim that will potentially be made. You also know what you have beyond your testimony to back that up. An attorney can advise you of what the contract language means and what the risks are. They can also advise you of what your expenses are likely to be and what avenues are open to you. An accountant can advise you of the tax implications of releasing the lean without being paid. Good chance you can report a loss and offset some income. Good chance you can report the "forgiven debt" to the IRS and increase the buyers tax burden. Depending on the size of the note, the tax burden might be a real negative to the buyer that they have not considered. At that point you can do the math and see what makes sense. Also consider how the math works for them and an attorney representing them. Law firms are for profit businesses. Is there any money for them in this if they work on commission and can the buyer afford to push it on their own? If you think that you can and will have to repossess and resell the property, then get the dead beat out before they damage the collateral on your note. If you think a filing on their part is not a bluff, should you strike first? A few other thoughts. Lending intuitions usually do things to protect their collateral. Many closing agreements include some kind of third party warranty for a limited period of time. Check the closing documents. If they do, the buyer should file a claim before coming after you. Some lenders require inspections and most contracts allow for them prior to closure. Did they have the place professionally inspected? Many states have a punch list of what is inspected during a home inspection. If they did and a claimed issue was not reported on inspection, but should have been, that's another potential defendant to share the financial burden, and they will probably have a professional E&O policy that will kick in if the amount of money is big enough. If they did not inspect the property, well shame on them. The last time I bought or sold property the sellers disclosures were a standard check list. Are the claimed issues outside the checklist? I expect that will affect the validity of the claims. [/QUOTE]
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