![]() But the concern of the bank is over price, not over where the seller lives. Of course, if the seller moves away it's better for everyone for many different reasons, including that there is no question that a favorable leaseback or option exists, and if it does exist, no question as to when it was created or whether it affected the price. They really don't have any interest or even care about where the seller lives after the fact. What I will point out though is that the bank is actually interested in is making sure the original contract did not include a favorable lease-back or option that might have affected the funds to be received by the bank. I won't go into the legal reasons why a court might not interpret it that way, in part because I'm not at all familiar with Florida case law. “There is and will be no agreement, whether oral, written, or implied, between the Seller(s) and the Buyers and/or their respective agents which allows the Seller(s) to remain in the Property as tenants or to regain ownership of the Property at any time after the consummation of this sale transaction.” ![]() The "at any time" language refers to the time the seller rents or regains ownership, not the time of the creation of the contract to do so. “ There is no agreement, whether oral, written, or implied, between the Seller(s) and the Buyers and/or their respective agents which allows the Seller(s) to remain in the Property as tenants or to regain ownership of the Property at any time after the consummation of this sale transaction.”Īs many have noted, that is written in the present tense. Instead, I'm going to give an English lesson. In fact, I wouldn't give specific legal advice on this even if it were based on Washington. Since I'm not authorized to practice law in Florida, and haven't seen the entire contract, I'm not going to give any legal advice here. contacting the bank before contacting an attorney). I hope you took that advice, and I hope you stayed away for the advice of those here who suggested taking action that might be adverse to your former client prior to getting legal advice (e.g. So what do we do now? Will the lender find out? Can I be held liable for an act I wasn't aware of? Can the Short Sale be rescinded?īryant, I've actually managed to read most the posts here a couple of times now, and I'm impressed at the percentage of agents which advised you to get legal assistence. I guess this all went down after closing. I pulled over to say " Hi" only to find out that they did not move and had signed a lease with the Buyer. ![]() They were standing in the front yard of their old house. Recently, and several months after closing, I was driving around and bumped into the Sellers. ![]() Shortly thereafter the transaction closed and all was well. All parties agreed to the Arms Length Transaction Notice and signed it. It wasn't an issue as the Sellers were moving anyway and they certainly didn't know the Buyer. Of course as an experienced Orlando Short Sale Agent and negotiator I explained this notice to the Seller not only at time of listing but also when it was received and before it was signed. This notice basically states.well here it is. This particular lender required all parties, including the agents, to sign an Arms Length Transaction Notice. Last year I had a closing for one of my Orlando Short Sale listings.
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