QUESTION
My son is 22 yrs old he is in the military- stationed in NJ. What are the repurcussions if he backs out of buying a home?
Asked on Dec 19th, 2011 on Real Estate - New Jersey
More details to this question:
His father got him involved in trying to buy a house with a VA loan in upstate NY, the deal is almost closing, but my son just found out that his dad expects him to lie and say that he will be living at this home on the weekends. The house will be occupied by his dad and his family not my son. Can the sellers come after him? I am so scared for him he is just starting out in life and got suckered into this. He gave his dad a limited power of attorney and didn''t know what was going on.
1 ANSWER
Commercial Litigation Attorney serving Hackensack, NJ
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Offit Kurman
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Well you should have a lawyer examine the power of attorney to determine what specific authority was given to dad and the actual scope of the poa.It sounds like there may be an attempt to improperly utilize the document.If that is the case,it would be important for an attorney to get involved and so notify the other side of the deal.In the event the matter got contentious and went into a lawsuit,your son would be entitled to some level of delay due to his military service.However,the sooner you get a lawyer to look at this,the better.
Answered on Jan 04th, 2012 at 4:11 PM