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Old 01-29-2013, 09:59 AM
 
1 posts, read 2,983 times
Reputation: 10

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Hi everyone, I apologize for my English, it's not my native language.
I'm in a very confusing situation, please share your opinion and experience. Thank you in advance.
I'm buying a house and a boat dock from the same seller. The house is on a short sale but the boat slip is not deeded to the house and it's separate from the mortgage. The purchase of this boat dock and the house is very important to me because there are no comparable properties on the current market.
I told my realtor that the purchase of the boat dock is very important for me and I don't need this house without the boat dock. He, assured me that there is no problem in buying the house and the boat dock from the seller, we just need to do 2 separate offers because the boat dock is separate from the mortgage.
Both, the seller and I signed two separate Offers to Purchase and Contract, one for the house and one for the boat dock.
Now, when our due diligence period is over, we got a call from our realtor. He said that we have to sign the AFFIDAVIT OF “ARM'S LENGTH TRANSACTION”. Also, he said that we can't currently sign it, because we have a different contract with the seller (for a boat dock). If we will sign the affidavit now, the bank will sue us.
I contacted a real estate lawyer and this is what he said: "You can buy the boat slip separately. It was NOT included as part of the lien that the lender got and was a “Lease” (attached) that was done separate from the mortgage, so the lender can’t dictate what buyer and seller do with that. It’s not “proceeds” and is not related to the sale of the house."
I resend the lawyer's message to my realtor and this is his reply: "Edward is correct, if we didn't have an affidavit to sign that states we have no other agreements with the seller. In order to buy the home we must sign the affidavit that says we are only buying the home."
Please take a look at the attached affidavit.
What can I do in this situation?
Is there any legal ways to purchase the house and the boat dock from the seller?
Attached Thumbnails
Arms Length Affidavit for a Short Sale (NC State)-suntrust-buyer-affidavit.jpg  
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Old 01-29-2013, 08:40 PM
 
7,281 posts, read 9,630,468 times
Reputation: 11460
No doubt you've already figured out that using the same Realtor for both transactions was a mistake right?

You are also putting a lot of faith in the people you are doing business with. You know them that well?

You are in fact linking the purchase of the house to the sale of the dock. That is a fact as you've relayed the information.

That being said, there is no one on this forum that can or should offer you advice; if they do, they will share whatever liability ensues but you will be the one they catch.
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Old 02-05-2013, 09:51 PM
 
Location: Charlotte-Harrisburg
247 posts, read 813,071 times
Reputation: 104
Quote:
Originally Posted by Marina Marchenko View Post
Hi everyone, I apologize for my English, it's not my native language.
I'm in a very confusing situation, please share your opinion and experience. Thank you in advance.
I'm buying a house and a boat dock from the same seller. The house is on a short sale but the boat slip is not deeded to the house and it's separate from the mortgage. The purchase of this boat dock and the house is very important to me because there are no comparable properties on the current market.
I told my realtor that the purchase of the boat dock is very important for me and I don't need this house without the boat dock. He, assured me that there is no problem in buying the house and the boat dock from the seller, we just need to do 2 separate offers because the boat dock is separate from the mortgage.
Both, the seller and I signed two separate Offers to Purchase and Contract, one for the house and one for the boat dock.
Now, when our due diligence period is over, we got a call from our realtor. He said that we have to sign the AFFIDAVIT OF “ARM'S LENGTH TRANSACTION”. Also, he said that we can't currently sign it, because we have a different contract with the seller (for a boat dock). If we will sign the affidavit now, the bank will sue us.
I contacted a real estate lawyer and this is what he said: "You can buy the boat slip separately. It was NOT included as part of the lien that the lender got and was a “Lease” (attached) that was done separate from the mortgage, so the lender can’t dictate what buyer and seller do with that. It’s not “proceeds” and is not related to the sale of the house."
I resend the lawyer's message to my realtor and this is his reply: "Edward is correct, if we didn't have an affidavit to sign that states we have no other agreements with the seller. In order to buy the home we must sign the affidavit that says we are only buying the home."
Please take a look at the attached affidavit.
What can I do in this situation?
Is there any legal ways to purchase the house and the boat dock from the seller?
The affidavit refers to the house not the boat dock. As long as there are 2 seperate deeds the bank cannot tie the affidavit to the boat dock. The other agreements that are referred to in the affidavit are agreements concerning the HOUSE not another property.
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