Do I give back a security deposit
Q: If the tenant’s least has just finished & 7 days before the end of the month she tells me she is moving must I give her the security?
A: This all depends on the terms & conditions you all agreed to in writing which would be contained in the lease. Usually a security deposit is returned if the tenant complied with all the terms of the lease, unless there are other provisions written into that lease.
Invalid counter offer
Q: I have 8 counter offers with 1 contract counter offer 4 was signed by both buyer and sellers with an attachment box checked by the seller. I am now told C/O #4 is invalid is that true?
A: It seems that if you have a contract signed by all parties with any changes initialed by all & no performance dates have been missed - then, yes it should be valid. You should also look for any clause that would allow one party to back out as well as the default clause. Bottom line, without seeing the contract & all addendums, it is only an educated guess.
No signature at settlement
Q: I did not sign anything at settlement when I bought my home. Is this legal?
A: You should of at least signed a settlement statement. I assume you paid cash otherwise you would have signed mortgage documents. As long as you recieved a deed that is recordable & transfers the property in the manner you wanted as well as having some written assurance that the person transferring ownership was the rightful owner ( title insurance usually does this), then you should be ‘ok’. To be 100% sure, consult with a Real Estate attorney
Legal to establish fair market value ?
Q: Is it legal for a real estate agent or realtor to provide an appraisal to establish fair market value?
A: A Real Estate agent provides what is called a CMA ( comparative market analysis, or, competitive market analysis) which does establish an opinion of value, similar to an appraisal.This is usually complimentery & goes into more depth than an appraisal. An appraisal is a paid opinion by a licensed appraiser for the purpose of establishing value, but remember, it is just that - an opinion.You could get 3 or 4 appraisals & have different opinions of value / price. Unless the Real Estate agent is also licensed to be an appraiser (& many are) then they cannot offer you an appraisal.
Entitled to compensation
Q: We recently closed on a newly built home. Our next door neighbors closed 2 days prior to us. We found out after we closed that the builder took $20,000 off the price of their home because 2 other houses next door that were built on spec were listed for sale at a price around $70000 less than what we had purchased our house for. All 4 houses are identical with comparable upgrades. Our neighbors did threaten to walk away from their contract if they were not farily compensated. Are we entitled to any compensation from the builder?
A: Unfortunately, since you already went through the process of purchasing, inspecting, picking out any upgrades & closing - there is not much you will be able to do. This is one reason I recommend buyers to still use an agent to assist in the process by research & consultation. Even if there is a fee to be paid, you would be much farther ahead, as you now can see.
Can a buyer sue ?
Q: can a buyer sue you if yu decide not to sell your house in NYS the day before the closing
A: Probably, for specific performance & possibly even damages. It will all come down to what was agreed to in the written contract signed by all parties. Read over that contract for the ‘default’ clause & see what the remedies are.
