[pedrobelt]

Hello there at the present time I am in contract to purchase some apartments, after contingencies were removed I find out that the seller is required to install hardwired smoke detectors prior to setting property for sale or while in escrow, Seller agent is required to inform seller of this city requirement, when I mentioned to the seller agent his reapplied was that the city does not enforced and that none of the building he had sold were with hardwired smoked detector, the other issue is that they advertised the property as having new roofs that being one of the reason I entered into contract, appraisal had reveal that roof is OK but far from being new and need some repairs, it also show that there are health, safety and neglected maintenance repairs for $40,000 as a consequence of that lender want to hold back $60,000 that he will release once I take care of the repairs in addition to that lender had lowered the loan amount, this make it impossible for me to accept the loan, I informed seller agent that since I could not get the loan as I had signed for, and since he intentionally omitted to disclose the smoked detector requirement, and the deceiving and misleading information about the roof the contract need to be canceled and my deposit money refunded, now we are over the closing date and seller agent is claiming that I am in default since I removed the contingencies something I did base on his assurances that the loan and appraisal were with no problem what so ever, seller refused to lowered the selling price by the $60,000 that lender want to hold back, instead seller is doing some of the repairs the loan broker is resubmitting the loan package to have the lender increased the loan amount to the agreed amount or as close as possible, at the mean time seller agent had property back on the market claiming that we are over the closing date, I explained that it was not by my choice but by the seller failure and neglect to keep up the property, so in addition to the above reasons to cancel the contract and have my money back, I am arguing that the property fail to appraised at the selling price other wise lender would not be imposing so many restriction on the loan, my other problem will be to insure the building at a reasonable rate. Since there are all the neglected repairs. I am making the seller and seller agent accountable for the misleading and deceiving information about the roof, I also invoking the disclosure act since seller and the seller agent failed to disclose and complied with seller requirement to install the smoke detectors. I may be in default for removing the contingencies but they very much created all the mess and here is where I need all the suggestions all of you could give me on how to structure all of this in a way that I put a cloud on the title by way of a lis pendens, any ideas on how to do it will be highly appreciated. All of this is going on the Los Angeles area.

[excon]

Hello Pedro:

Clearly, you need a real estate attorney, and you should have had one from the beginning. If you had, he would have prevented you from removing contingencies based upon someone's word.

Ok. That was then. This is now. Don't compound your mistakes. Hire a lawyer - TODAY.

Now, I have a bit of business, rather than legal advice. It appears that you still want this property. Why? Unless it's a great deal (which it isn't - or the bank would be throwing money at you), I don't understand. In business, deals "talk". This deal is sending you a message. That message is "walk away as fast as you can".

What? You think you've found ALL the problems the building has?? Chuckle, chuckle, snicker, snicker. Go buy a nice building in downtown LA. I hear that area is booming now.

excon

[ScottGem]

I agree with excon, I don't understand why you entered a business proposition like this without an attorney.

But the question is whethere you want out of the deal or not. I think you want out and want your deposit back. If the seller won't do this, you will have to sue them. It sounds like you have reasonable grounds to voide the contract and get your deposit back.

[Fr_Chuck]

Basically you have the main option, if you are , after inspection, requiring them to do certain repairs before you buy the property, you tell them they have to do the repairs, lower the price to cover the repairs, or you back out of the deal, and they return all the money you paid in escrow.
The real estate agent should be holding the money in escorw, so giving the money back should not be up to the seller.

You don't make deals with the lender, that is not who the issue is with,
It all should be covered in the offer contract you made with them

[pedrobelt]

Thanks for taking the time to send me your opinion on this matter, it is a great help to have your input and ideas. As soon as I find out about the new response from lender, I will let you all know, at the mean time what do you think about the property back on the market, can it be sold without me releasing seller, I tried to extend the closing date for another 30 but the seller agent did not allowed, but he is still trying to keep the process going, do you know of any recourse I may have against him, and how can I put a dent on his license, my idea is to write a letter to the seller to let him know that if I don't get my money back, a cloud on the title will be recorded via a lis pendens

[Fr_Chuck]

Yes but a direct law suit for breach of contract come to my mind, and sue for them to pay your attorney fees and all money lost due to costs on the contract