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How can I get out of a real estate contract if it is not what was represented and will put my good credit at a high risk?
Brooklyn, NY
Viewed 89 times.
Posted 4 months ago in Real Estate
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I belong to an LLC which wants to buy a property as a residential mortgage to save on taxes. I was asked to sign for the loan and agreed without fully having understood what it would mean to me and my credit. I was told that immediately the title could be signed over to the corporation, but it was not represented to me that I would still be responsible for paying the loan. The corporation is not strong enough to get its own loan, and I no longer want to be a part of this deal. The owner doing the selling states he has a contract with me and whatever happens to me after that is between me and the other owners of the corporation. Can I get out of this transaction? What will it cost me? Are there other legal ramifications?
Answers (1)
Ronald Anthony Sarno
This attorney is licensed in New York and 1 other state.
Posted 4 months ago.
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It is never wise to get into real estate deals without a lawyer gudiing you. You may be in a situation where you have personally guaranteed the real estate loan. You need a lawyer to review the documents and determine if you are vulnerable to a personal guarantee. There are usually formal procedures for withdrawing from a LLC, and if they are not followed the other partners and/or shareholders can sue you for the debts of the LLC.
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