Posted by Charles on September 22, 1999 at 22:50:49:
Interesting situation. After months of dickering I get my landlord to sign a P&S for me to purchase the 4-unit apartment I am now living in. Everything’s fine, then I start to inquire with him about leases with the other tenants and the last month’s rents, etc. He starts to realize that he is supposed to pay me the last months’ rents in addition to pro-rating the rents on the date of sale. I don’t know what this guy was thinking, but he seems to think he would just pocket the last months’ rents and the whole month upon closing. This amounts to several thousand dollars.
Well, now he isn’t talking to me anymore. He doesn’t return my phone calls, etc. I have spoken with my lawyer and he says that under the terms of the P&S I can force the sale of the house even if he doesn’t cooperate. The seller signed the P&S and he cashed the $1,000 deposit I handed him so there is no question of legality.
So my question: anyone had to go through enforcing a P&S that the seller defaulted on? Is it easy/hard? Is it worth it? Ideally I’d like to take possession of the apartment house. Second option however is just to tie the guy up legally for a while.Since I am one of the tenants in the building, I’d like to at least tie him up legally if it is not worth forcing the sale. This would allow me to withold the rent until I recoup the $1000 deposit and some of my expenses.
I am talking to my lawyer about all this. But I also want to know anyone’s real life experiences in a situation like this. How hard is it to enforce a P&S when the seller defaults, how long does it take, how expensive, etc.?
Your collective advice would be much appreciated.