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I NEED REAL ESTATE HELP! Questions about Joint Tenancy?

On November 5, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

My boyfriend is buying a home with a friend. He was just told yesterday that it is good to have a contract between him and his friend in case anything happens. Now I’m not sure which contract this is, but he asked me to look up "Joint Tenancy" but every time I do it’s about renters. He is actually going to be on the Deed, and he needs to write up a contract but doesn’t have a clue where to start. I need a sample contract or something to go by that I can add on to, of course any advice is greatly appreciated but I need something like a template to start with so I can include the names, etc. PLEASE HELP!!!! The house closes on the 10th and he wants to include it in the contract. YOUR HELP IS ALWAYS APPRECIATED.

abstract of title or policy of title insurance?

On November 5, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

I’m selling some of my land to a neighbor. His attorney drew up a real estate sales contract. It says seller shall deliver either an abstract of title or a commitment for policy of title insurance. How do I obtain either of these ? I still owe my bank and will pay the loan off. I’m in Missouri.

REAL ESTATE QUESTIONS legal or illigal kickbacks?

On November 5, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

i started doing some sub contract work for a realtor in illinois. it requires everything from changing locks, repairs, repo work to evictions. the realtor requires that i give them 20% of what ever i invoice the job for. these houses are owned by mortage companys and they pay the invoices to her and she pays me after deducting her 20%. my question is this a legal referel / kickback or illigal?

Seller failed to necessary repair work in house as per real estate contract?

On November 5, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

Seller failed agreed to do repairs within 5 days of mutual agreement but they did not do any of the repairs greed on our real estate contract, within this time.
What can we do against the seller for breach of contract?
How much we can get from seller for non performance?
and how?

What happens if there is an inconsistency in a real estate contract? Does it go to the Buyer or Sellers favor?

On November 4, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

I was the winning bidder on a home through an auction and the contract which I signed has an inconsistency.
Due to my circumstances changing I am considering walking away from the deal, but want to figure out my liability.
One the first page of the contract at the top it states
"See attached addendum C Terms & Conditions of Sale" BUT right under that in the General Terms & Conditions section there is a sentence that states:
"If payment of the balance of the purchase price does not take place within the specified period the deposit will be forfeited and the property will be resold at the risk and expense of the defaulting purchaser"
YET IN ADDENDUM C UNDER THE DEFAULT SECTION it says
"In the event the purchaser fails to close on or before the closing date, the Deposit may be retained by the Sellers as liquidated damages. The Sellers are not required to accept any back-up bid nor are they obligated to negotiate with any back-up bidder."
Which one is correct?
If my loss is limited to just the deposit I will walk away, but I see inconsistency and ambiguous statements to what happens if I walk away.

Lost deposit + difference. Another place just lost deposit

I signed a real estate contract and now I want cancel?

On November 4, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

I had a my home for sale and I accepted an offer. Now I have sellers remorse I want to cancel it. I told my realtor about it and she said I could get sued for her commission (5%). Also the buyers can take legal action. The buyers already did an inspection. I am willing to give them the money for the inspection but I am afraid that my realtor will sue me. Can she really sue me? What should I do?
Thanks!
Can I talk to the buyers and explaint to them my situation or it is ilegal to talk to them?

Is there anyway to get out of a real estate contract if you are not happy with your agent?

On October 29, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

We have been trying to sell our house for about five months. We signed a contract with our real estate agent that ends December 31st. Our real estate agent has not been helpful at all. He doesn’t return phone calls or give us any advice. He barely even advertises the house. We finally got a hold of him to ask if we could get out of the contract. He said no that we would have to wait til December. I want to know if this is true.

How do you get out of a real estate contract in Illinois when selling without paying?

On October 27, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

is it legal for a broker to have us selling our house on our contract for a year AFTER we signed the contract? we didnt know until after we sighned the contract
its not sold he wants us to buy a dump house that is worth more then our house and is NOT live able in and it right up the street..she added things to our contracted AFTER we already signed the contract..this is totally against the law isnt it?

Where can i get a real estate contract for a fsbo transaction?

On October 27, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

i think that i have someone that wants to purchase my home and i need a contract to fill out and sign for the title company.

What do we do when our Buyers Backed out of Real Estate Contract 14 days in?

On October 27, 2009 / By Real Estate Law Help / In Real-Estate-Contracts / No Comments

We signed our contract and the buyers had 10 days to change their minds without losing ernest money. We already have our title commitment and appraisals and surveys done. They called today to say they want to back out. What can we legal do? We live in Texas.
Ok, the buyers mortgage company didn’t require an inspection and the buyers said they didn’t want to pay out of pocket for one. That is why we had a 10 day back out date. On the 14th day they said they found another house.