QUESTION
What can I do as a seller if all information wasn't presented at closing
Asked on Dec 18th, 2017 on Commercial Real Estate - Michigan
More details to this question:
I close on my property commercial real estate in Michigan I sold my restaurant on land contract and I believe that there was some information withheld from me at closing. Later I found out that there was some money that was due to me that wasn't paid at closing or discuss. The buyer has been notified of the situation after the fact and still has not paid me the real estate agent and the title company are aware of this to and also there was some renovation work did without my approval or showing me proof of a licensed contractor before the work began also I have not received a insurance policy that has me added on there that was supposed to been at the closing also. So what I want to know did this buyer breach the contract already or how many times does he have to breach the contract before I can pursue legal actions
1 ANSWER
Real Estate Law Attorney serving Holland, MI
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Cunningham Dalman
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Your experience is why I always advise clients to have us review their closing package before the closing. You may still be able to sort our what went wrong there.
And it sounds like you should consult an attorney about the buyer’s behavior. It may have violated the land contract and the buyer’s behavior would lead me to expect additional breaches in the future. While you may have the right to take enforcement action, it is possible that the buyer’s changes were for the better so, while the buyer needs to be warned to comply with the land contract in the future, and to get you proof of insurance, you will want to evaluate the impact of what he has done before deciding to take enforcement action at this time.
Answered on Dec 25th, 2017 at 6:59 AM