December 06, 1998
Dear Mr. Azrael:
In August, we entered into a arrangement of auction to acquirement a address in Cecil County. Adjustment was to be on Oct. 30.
The agent is a accountant advocate in Maryland and Pennsylvania. He wrote the arrangement of sale.
In the arrangement it was appear there is an absolute SBA loan. This is not a problem.
The alone paperwork the agent provided us with was a archetype of the rules and regulations of the abode and the bylaws of the address association.
In our ysis to acquisition out the adherence of the address association, we apparent there are several awaiting lawsuits adjoin the address association.
The plaintiff in one of the lawsuits is the agent of this property. He never appear this actuality to us either verbally or in writing.
Due to the actuality of these awaiting lawsuits, we did not appetite to abide with the purchase.
We banned to achieve by both letter and buzz above-mentioned to the adjustment date. We canceled the arrangement of auction and requested the acknowledgment of our $5,000 ardent money.
The agent banned to acknowledgment our money because he claims we “breached the arrangement of sale” because we did not achieve and he was ready, accommodating and able to settle.
What recourse do we have?
H. J. Ahlfeldt
Dear Mr. Ahlfeldt:
Maryland law protects residential abode buyers by acceptable that they accept basal advice about the abode afore they are accurately answerable to acquirement the unit.
If the address contains beneath than seven units, the assemblage client charge accouter the afterward to the client not after than 15 canicule above-mentioned to closing:
* A archetype of the address declaration.
* The bylaws.
* The rules and regulations of the condo.
A annual by the assemblage client of the assemblage owner’s costs during the above-mentioned 12 months apropos to the accepted elements.
If the address contains seven or added units, added disclosures are required, including a annual of any judgments adjoin the abode and the actuality of any awaiting apparel to which the address affiliation is a party.
Every arrangement of auction for a residential address charge accommodate a notice, advising the client of his appropriate to accept the appropriate disclosures. A arrangement for the auction of a residential abode is unenforceable unless it contains the appropriate notice.
Any purchaser, at any time aural seven canicule afterward cancellation of all appropriate disclosures, may aish in autograph the arrangement of sale.
The client does not accept to accompaniment any acumen and incurs no liability.
The agent charge acknowledgment any deposits fabricated on annual of the contract.
To actuate your specific rights, acknowledgment these questions:
* Does the abode accommodate added than seven units? If so, the assemblage owner’s abortion to acknowledge the actuality of lawsuits adjoin the abode affiliation is area for recession.
* Does your arrangement accommodate a able apprehension of your acknowledgment and recession rights? If not, the arrangement is unenforceable.
* Did you accelerate the assemblage client a accounting apprehension of recession and appeal acknowledgment of your deposit? If not, do so appropriate away.
The agent may be ready, accommodating and able to settle, but if he did not accommodate you with the appropriate apprehension and disclosures, you can aish the contract.
Pub Date: 12/06/98
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