I have an apartment building in Los Angeles I am considering selling. My realtor has told me about the SELLER CARRY option of selling. Can you please tell me what I would need to know, what to look out for, what can be the pro/cons of this type of...
While there are several issues involved with seller carryback financing, the biggest problem for the seller is that the only remedy available to the seller if the buyer fails to pay, is the foreclosure of the deed of trust, which, hopefully, is in first position. The seller cannot sue the buyer for payments, nor can the seller get a deficiency judgment against the buyer if the property has deteriorated or the market has gone down and it does not resell for the amount due on the note. That becomes less of a problem if seller gets a large down payment, since the larger the down, the less risk there is that the property will go down in value if seller is forced to take it back. This is not the only problem with carryback financing. See local counsel to discuss it further. I have not given you the pros/cons, but only one very significant caution`See question
Long story short I've had a problem with the apartment manager not taking proper action in regards to my noisy neighbors. Part of the contract basically states that all tenants must respect the privacy of other neighboring tenants. The non wai...
Best to contact local legal counsel to review your legal rights, since they will likely have a sense of how judges in your area would decide this kind of case. However, just looking at the language you have provided, that clause is generally intended to give the landlord the right to enforce the lease provisions (in this case, the tenant's duty not to disturb others) even if landlord has failed in the past to do so. It says, in effect, "just because I let you slide on one occasion, does not prevent me from enforcing my rights against you down the road if I choose to do so." This provision does not directly impact other tenants, but is only between the parties to the lease..
This should be discussed with local counsel, along with your right to your own peace and comfort, which doe not depend upon what is in your lease or what is in the noisy neighbor's lease. In other words, you could pursue your rights independently by either seeking to terminate your lease or by suing the neighbor. Many people in your situation would not want to spend the money to do this, and would, instead, make a complaint to the local police department, though the police in most cities try to avoid getting involved in neighborhood noise disputes beyond, if you are lucky, getting them to knock on the neighbor's door to suggest that they tone it down. I would not count on much help from the police but it may be worth the effort to try..See question
I was evicted from mobilehome park and park manager insists he owns my house now.
Mobilehome tenancies are governed under the "Mobilehome Residency Law", which is found in Civil Code section 798, et seq. That law expressly supersedes the "regular" landlord tenant law in several key areas that may be important to your situation. If you live in a city that has a rent control ordinance, that ordinance may also apply to your situation. Consulting with a local attorney is crucial here, both to gain an understanding of your rights and, if possible, gaining the help of an attorney to pursue those rights.
You have not provided enough information, and, even if you provided more information, lawyers answering questions on this website would encourage you to seek someone in your locale who is knowledgeable. I agree that you should consult with an attorney who is located in the city in which you resided in the mobilehome, or if that city does not have someone capable of handling this for you, then look, first, to the city in which the superior court for that county is located, and, next, look in the largest city that is closest to the court. This case is specialized; so, it is important that you consult with competent counsel.. It is not enough to get someone who knows unlawful detainer law, if they do not spend the time to know the particulars of the Mobilehome Residency Law as well as any local ordinancesSee question
My husband and I purchased a home in January. There are signs of possible water damage cover up as well as negligence by our realtor. We were also mislead to believe that power had been restored by close of escrow only to find that it was rigged o...
While the prior answers are all good ones, I approach these cases slightly differently. I like to start by establishing the dollars involved to repair or correct the problem, so that I can help my client decide whether to throw a lot of good money after less bad money. This is necessary to avoid having to chase the legal fees. Since most of these cases settle, it is generally a bad result if you have spent more in legal fees than the cases is worth in settlement. This is true, in my opinion, even where you would be entitled to recover some portion of your legal fees from the seller if you prevail at trial. The cost of the fight is just too high in most cases. (And did you say that the seller is in prison? Good luck getting that judgment collected.) Some times it is just better to spend the money to correct the problems, rather than seeking justice. In my experience that holds true if your hard damages are $75k or less under facts like yours.See question
He doesn't pavement on time · Consistently 15 days late and doesn't pay utilities. Help!
You have a problem, since you have only the right as a tenant, not a sub-lessor. If the landlord wants to help, s/he can evict both of you and then enter into a new agreement just with you. But, be careful in suggesting that to the landlord since it may be giving the landlord the idea to get rid of both of you. It is surprising that the landlord has not already given you notice to pay or quit. See a local tenant attorneySee question
I do not want to refi, nor would I qualify. I also do not quaify for a reverse mortgage. If an investor would give me a third mortgage, do the first and second position lenders have a right to approve?
I recommend that you obtain a review of the existing mortgage documents for the 1st and 2nd to make certain that they do not prohibit further encumbrance of the property. It would be unfortunate if you were to obtain a 3rd only to find later that the holder of the 1st or 2nd declares a default of the terms and conditions of your prior deed of trust with one of them. While the chances are not great that a further encumbrance is prohibited, you would be wise to check it out. Please consult a real estate attorney.See question
The other owner is refusing to pay her share of repairs, HOA and mortgage she did not contribute to but still wants 50 percent of the profits. We do not have an agreement of how the profit will be split.
The court will resolve all issues between co-owners. Where there is no agreement between the co-owners, the court will use its inherent power in equity to decide the case. The parties can agree to an alternative method of resolution, and, indeed, many people in this situation would agree to binding arbitration. This case sounds like it would better be suited to binding arbitration, assuming that each side has access to all of the information that would be needed to decide the case, e.g., the nature and amount of expenses claimed, as well as income to be divided (if any).See question
I was unaware that my husband never provided the purchaser the signed deed 22 years ago. I do not have the deed and don't know how to locate it. I'd like to sign the property over to the owner. Do I need a lawyer to help me do so?
Mr. Chen is on point. It is quite possible that, if you are not contesting the claim to free and clear title, your attorney may be able to negotiate with the plaintiff's attorney to allow your "default" to be taken in the quiet title action, in exchange for an agreement that you will have no other exposure to any claims in the action, and that the plaintiff will "indemnify" you from any cross-complaints filed against you in the action. This gives the plaintiff what he or she wants without you having to be involved in the lawsuit and without the fear that you may have some financial exposure. This is just one of the possible results for you, but do not attempt to deal with this yourself. There are potential traps that an attorney, preferably one who does real estate litigation, will help you avoid. If it works, it would likely be the least expensive way out of the problem for you.See question
My house went into foreclosure 2 years ago with a 1st and a 2nd trust deeds. Is it true that after 4 years the banks can't come after me for the unpaid debts?
Any lender that is entitled to sue (yours may not be) must do so within the four year statute of limitations. The issue will be when the statute starts to run. You would be taking the position that it started when you first failed to pay an installment, but the facts may show that the statute did not start to run until a later date. You should have an attorney review the documentsSee question
The buyer of a house failed to close escrow and backed out of the sale the day he was supposed to fund his loan and close escro . I have been told by other agents that I have a right to sue for my commissio . Normally I wouldn't, but this buyer wa...
I do not believe that an agent can sue or arbitrate for commission, since the agreement is between the seller and the broker, not the agentSee question