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I bought a condohotel for 890K in Las Vegas and I went to cancel as described in the contract, well the developer said the contract cancellation provision was a mistake and would not allow it.
My question is this: Does the broker who represented me have any liability seeing he has never read nor seen the contract but was paid 18K commission already. I have learned recently that it is unheard of for a developer to give you a way out. I think had he read the contract once he would have seen this and questioned it. I read it and it thought it was my right to cancel.......any response is appreciated, TIA
Last edited by MJ3; 01-27-2008 at 05:14 PM..
Reason: Spelling
I bought a condohotel for 890K in Las Vegas and I went to cancel as described in the contract, well the developer said the contract cancellation provision was a mistake and would not allow it.
My question is this: Does the broker who represented me have any liability seeing he has never read nor seen the contract but was paid 18K commission already. I have learned recently that it is unheard of for a developer to give you a way out. I think had he read the contract once he would have seen this and questioned it. I read it and it thought it was my right to cancel.......any response is appreciated, TIA
If its in the contract, and signed, it doesnt matter if its a mistake or not, you go by the contract. If the contract is not signed, then you have on contract at all.
Not sure how the broker could not see a contract and money changed hands. If you legally go through the steps to void the contract, which most likely entails certified leters being mailed to both the developer, and the agent, then the $18K in commissions would be returned.
Overall, hire a lawyer, and do it quick as to comply with any time limitations that might be present, and go by the contract. If it contains a cancellation clause, then the fact that it is contained is the developers problem, not yours.
well the developer said the contract cancellation provision was a mistake and would not allow it.
I'm sorry, I'm laughing...that is just so absurd. He can't just say, well, 'that was a mistake'. If he signed it, guess what? He's in contract and obligated to it. The fact he may have paid a commission in advance is his problem.
How could the broker have never seen or read the contract? What was his purpose in this whole thing? Never mind, it doesn't matter.
Go see an attorney and get it handled. But if this developer signed the contract and you are interpreting it correctly, he's plain old out of luck.
This does not make sense to me just yet. I would think if there were a cancellation clause and you tried to initiate that, there would not have had time to close for the broker to already get paid.
So, did it work out you said you wanted to cancel and he said it was a mistake, time went on then it closed and he was paid?
Or is this very new and he got paid before the closing?
Something is very wrong here either way. If the contract says you can cancel, then you can cancel. Did the agent stand in your way of that and BS you until closing?
In some states if a developer is involved, they would mandate they give a 7 day cancel time regardless if they put it in their contracts or not. The information and disclosure probably was approved by a county or city authority, and they would have a list of specific criteria that the developer has to give to buyers including the rescission period. The county/city authority sees it then signs off on it.
If the agent never read the contract, this would come into incompetence & negligence and I've have to stop for more. So yes, the agent is fully in this with you now, closed or not, and especially if he were representing you. Yikes!
Never heard of such a thing. Was in the contract but wasn't supposed to be there? What the heck is that?Listen to pghquest and palmcoasting and call a lawyer asap.
I thank Everyone for their Response....this is my reply
I purchased a pre construction condo at Trump. So the Broker, Luxury Realty Group received 2% when I paid the 20% downpayment and stand to get 1% at closing. I tried to cancel as the contract stated but Trump's legal counsel said the contract was in error, calling it a scrbbner's error and I should have known better.
I asked my broker(Luxury Realtly Group) and he said he can be of no assistance because he has never even seen the contract.
He also told me last week he was offered the top sales job at Ttrump, I fell he should have disclosed this to me before I contracted to use his services.
Anyways I have hired 2 attorneys and will force Trump to abide by the terms of the contract.
I purchased a pre construction condo at Trump. So the Broker, Luxury Realty Group received 2% when I paid the 20% downpayment and stand to get 1% at closing. I tried to cancel as the contract stated but Trump's legal counsel said the contract was in error, calling it a scrbbner's error and I should have known better.
I asked my broker(Luxury Realtly Group) and he said he can be of no assistance because he has never even seen the contract.
He also told me last week he was offered the top sales job at Ttrump, I fell he should have disclosed this to me before I contracted to use his services.
Anyways I have hired 2 attorneys and will force Trump to abide by the terms of the contract.
I guarantee you Mr. Trump would fight that : ) and if all signed, a contract is a contract. You, of course, would not have agreed to the contract without that clause in there.. so how would you have known that it was in error? Please Keep us posted, this should be interesting.
I guarantee you Mr. Trump would fight that : ) and if all signed, a contract is a contract. You, of course, would not have agreed to the contract without that clause in there.. so how would you have known that it was in error? Please Keep us posted, this should be interesting.
Shelly
Ecactly Shelly.......are there any Agents out there, if so is it mandatory to read the contract before your client signs it.....at least to make sure the client is buying want was represented......tia
And I am just not buying how it is your agent has never seen the contract.
Please call his office and speak with the Managing Broker.
Please let us know how this all turns out and the best of luck to you.
He is the Broker.
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I thank Everyone for their Response....this is my reply
