Posts Tagged ‘real estate transaction’
Unlawful Forfeiture of Earnest Money During COVID Pandemic
Question: We live in New York. In February 2020 we signed the homebuilder’s Purchase Contract for the purchase of a new home in North Phoenix. We deposited $50,000 earnest money. Under the Purchase Contract we had 30 days to do the inspection and to cancel the Purchase Contact, or the $50,000 earnest money would be…
Read MorePrivate Condemnation for Access Should Be Transferable to a New Buyer
Question: In a recent column you discussed the rights of two brothers who inherited 20 acres of land in Prescott Valley that was “landlocked”, i.e., no legal access to a public highway. You said that the two brothers had the right of private condemnation over the land of the owner of a 5-acre lot between…
Read MoreUsing Letters Of Intent In Real Estate Transactions
Question: We want to rent a 7,000-square-foot home in Paradise Valley for two years for $12,000 a month. The owners live in Boston, and their attorney has drafted a letter of intent (“LOI”), which has been signed by the owners and forwarded to our rental agent for us to sign. Our rental agent says that…
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