Options on how to obtain or revover property under conditional sales contract with client under Bankruptcy?
374982
i think you have to go to a small claims company that will take your client to court with a ruling (wether they attend or not) there is one problem if they have filed for bancrupcy off there own back that means i think they can keep things like cars and if they have made everything out to be in a secound partys name a recovery company cannot take this stuff....they are aloud to keep a car because it might be there only mode of transport....plus depending on what you are claiming for other things like taxes come out first so u may not be able to claim for anything u need to go to a small claims recovery company
663319
Send a letter by certified mail to the seller, with a copy to the realtor.  Inform the seller that the contract was legally declared null and void 2 months ago and they are refusing to cooperate in returning your deposit.  Then say that if they do not cooperate within the next 10 days you will file a lawsuit and hold them responsible for all costs in connection with the suit.  If they still don't respond, file a lawsuit in small claims court.  Make sure you bring all of your paperwork with you, including the original contract, copies of all letters including the termination letter, a copy of the denial of your interest rate from the lender and a copy of the certified letter you're sending now.  As long as you've complied with all requirements of the contract you have an excellent case.
477281
You need to see an IFA (Independent Financial Adviser.)\n\nThere are ways in which to reduce/ mitigate your liability, but rules around these have changed in the recent budget. If you are looking to sell these properties, you will be left with more liquid assets, and therefore more choice. Certain trusts may be useful, nil rate band planning (if you are married), gifting monies. . . the list is endless.\n\nAn IFA will not normally charge for initial consultation, but will advise you thereafter of your options if they give you advice. (Commission and/ or fees)
518430
These are both very good suggestions. Please remember, when this goes on auction the opening bid will be for the full amount of the unpaid loan. It is not like on television where you can buy back a foreclosed property for pennies on the dollar (Little House). Its obvious you want to do something nice for your friend, but you might get in over your head. You will go from one person in bankruptcy to two people in trouble.
384615
The easiest way to avoid the prepay penalty is to sell the home.\n\nHowever, if you're upside down in the property, i.e., the home is worth less than what you owe, then, some states have antideficiency statutes which prevent a lender from collecting any additional money from a borrower who defaults on a home loan. If you are in one of those jurisdictions, and your home's equity is maxed out, so you can't get any more out of a sale or refi, then you could just call the lender and ask to waive the prepayment penalty, and that if the lender refuses, you'll just walk away from the property and they will be stuck with the loss.\n\nOf course this will also ruin your credit rating for the next seven years, so it's far better to just sell the property and move on, if you can afford to do so.
449389
Dragonfly is correct.  There may have been actions you could have taken if he had sold you the business under false pretenses, but after you re-negotiated, you should have written a new contract.  If you did not write a new contract after the change in agreement, the original contract still stands.\n\nYou could argue verbal contract, but 99% of the time the written contract will win.\n\nAlso, if you don't have any contract, then its even worse.  You could try to only pay him the half, but if you don't have any paperwork conveying the business to you or outlining the payments and the purchase, he can just take your money and claim either that you haven't paid, you haven't paid enough, or that you never even had a deal on the business.\n\nIf you are not well informed on the law, it is always wise to consult an attorney before making major business decisions.
143746
Tell him to drop the lease or face legal action. I am the owner of a manufacturing corporation that does business worldwide. I have a team of corporate lawyers including contract attorneys. There is no such thing as a legal one sided contract. Either one of you can violate the contract. If he is not living up to his side of the contract, he violated this contract rendering it null and void. You are now free from obligation. Explain this to him and watch the contract vanish.
82616
They could probably get a newer machine for less that your oral contracted price.  See if you can sell the machinery for more that what they are offering you otherwise you can consider their offer.  Oral contract has no legal value, can't goto court with that.
110311
Previous post is correct, there is an expiration date on the listing. Contracts can be voided for only a few reason (death, nonfulfillment, nonperformance, etc). When in doubt, consult a lawyer.
362282
First you have to put your home back on the market and sell it again to someone else.  If the house sells for a lower purchase price than the previous deal then you can demand that the difference be deducted from the deposit provided by the first buyers and any remaining balance be returned to them.  If the house sells for more than the previous deal then you have to instruct that the entire deposit be returned to the first buyers, since you had no damages.\n\nThe foregoing assumes that:  (1) your original contract with the first buyers did not address the issue of a default by the buyers; and (2) that you did not default under the original contract.  If the original contract addressed the possibility of a default by the buyers then the contract will be controlling.  If you defaulted (for example, refusal to make agreed-upon repairs) then this whole mess is going to court and anything can happen.
200575
it sounds like you should have had a lawyer during the real estate transaction.  I'd suggest hiring a real estate attorney to help clear up the matter.  for starters you could get info on the lein from the register of deeds office in your county.
839169
This question screams for a lawyer.\n\nIf both businesses are sole proprietorships, you could make the case that you had sold the business to him to make good your rental debts. Technically, in a transaction like this, the buyer of a company takes on both the assets AND the liabilities... Unfortuantely this sounds like a sales contract was not drawn up.\n\nI suggest, since you're obviously not rich, that you at least seek some pro bono guidance from a legal clinic. Good luck.
1169835
Contact your local housing authority to find out what options you have.  It varies from state to state and locale to locale, so specific options are hard to give.\n\nIf you haven't done a final close, then you can likely back out or negotiate a discount for repairs.  If you have already performed a final close, you may have to sue for damages, but this depends on jurisdiction.  Some places allow you to enter into a grievance with the inspector which may be resolved by an aribtrator or a judge.
38125
My guess is that you bought too high and can't get it back in rent, which explains why you're considering bankruptcy. Other than implementing "the most bang for your buck renovations"- which will likely only lift monthly NOI by $75/unit, unless you have a really upscale property- here are your choices:\n\nStep One:  Talk to your banker about what they can do for you.  If you have a decent financial planner they are a better source, because they know the professional avenues to pursue, help with financing, selling the property without transaction fees.  Don't assume that going to a bankruptcy attorney is the first step.  Also don't immediately call one of those "We buy ugly houses advertisers" 95% of them will rip you off.\n\nStep Two:  If the bank nor the financial planner aren't of any help sadly you have to call one of those credit counselling agencies.   There are several ways to screen them, however they are definitely a buyer beware proposition.\n\nStep three: avoid bankruptcy at all costs.  The October bankruptcy overhaul is a killer.  \nDisclaimer:  I am only offering my life's lessons, not professional advice.
307330
If the contract allows you to fire the agent/brokerage and you can prove you did so before the sale of the property, you shouldn't be responsible for the commision.  If the contract outlines what the brokerage/agent will do and you can prove they didn't keep their end of the bargain you may be entitled to be released from the listing contract.  Pursue arbitration with the local Board of Realtors.
205205
Let's take a step back here...\n\nI'm going to assume that you have met the following conditions:\n1. Counter-signed contract by both parties\n2. Cashed escrow check deposited by the seller (or escrow agent/title co, someone)\n3. As buyer, you did not default in any way by breaking any timelines, and are currently or were not in default under the contract terms and conditions, including current closing date.\n\nIf you have met these above conditions, the seller would be in default if they did not sell you the property.  In this case each state has specific remedies... along the lines of this:\n\n1. You'd set a closing date (probably set on the contract)...\n2. Seller does not close, therefore in default\n3. File a Lis Pendens (pending litigation)\n4. Begin a Specific Performance proceeding forcing the seller to close.\n5. If seller looses you are entitled court costs, and potentially damages (loss of locked interest rates) and the such.  The court will appoint a referee to handle the sale if the seller is still uncooperative.\n\nYou will want to hire a REAL ESTATE attorney.  Not attorney Bob down the street; make sure that they are real estate attorneys specifically.  There are many ins and outs.\n\nThe seller has probably had a change of heart because they have received another, higher offer while you were in contract.  In most cases they will back down if they know you are represented.\n\nGood luck...
933570
If you can afford to get the repairs done, do it and let things go. The time, worry and effort involved in getting anything back at all will probably not be worth it.\n\nTake the money, sign what they ask for and include a clause that they also consider the matter closed and they will take no further action etc..\n\nConcentrate your efforts on reletting the property and keeping it let. Learn a lesson and move on.